OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-08-31-accounts

REGISTERED COMPANY NUMBER: 00259021 REGISTERED CHARITY NUMBER: 309112

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

(A company limited by guarantee) FOR THE YEAR ENDED 31 AUGUST 2022

THE ORATORY SCHOOLS ASSOCIATION

CONTENTS

Page
Reference and administrative details of the Company, its Governors and advisors. 1 - 2
Governors’ Report 3 - 11
Independent Auditors’ Report on the financial statements 12 - 15
Consolidated Statement of Financial Activities 16
Consolidated Balance Sheet 17 - 18
Company Balance Sheet 19 – 20
Consolidated Statement of Cash Flow 21
Notes to the Financial Statements 22 - 41

THE ORATORY SCHOOLS ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISORS.

FOR THE YEAR ENDED 31 AUGUST 2022

The governors (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of The Oratory Schools Association (the company and the group) for the year ended 31 August 2022. The governors confirm that the Annual Report and Financial Statements of the company and the group comply with the requirements of the Charities Act 2011 and the Companies Act 2006, thus including the Directors’ Report and Strategic Report under the 2006 Act, together with the audited financial statements for the year.

DIRECTORS’ REPORT

STATUS AND ADMINISTRATION

The Oratory Schools Association is a charity constituted under a Declaration of Trust in 1927, amended by Deed of Agreement in 1931.

The charitable company was established under a Memorandum of Association which determines the objects and powers of the charitable company and is governed under its Articles of Association.

DIRECTORS AND THEIR INTERESTS

The directors of the charitable company who served during the year and up to the date of this report, except where indicated, are as follows:

M-P Lo (Chair) K M Carberry-Long F K Chau (appointed 1[st] September 2022) M E Edwards (retired 31[st] August 2022) Professor P W Evans (retired 31[st] August 2022) F P Gargent J R B Hobbs P J D Hobley T J Leverage (appointed 1[st] September 2022) P J McDonald (appointed 1[st] September 2022) Fr D Seward A Shields (appointed 1[st] September 2022) M C Shinkwin P M Sieyes J P Wheeler (retired 31[st] August 2022) J R W Wilder

(* Members of the Finance Committee)

The directors are also the charity trustees and governors of The Oratory Schools Association.

All governors give up their time freely and no remuneration was paid during the year. Reasonable travelling and associated expenses were paid in accordance with the Association’s Governance Manual.

EXECUTIVE LEADERSHIP TEAM

Head Master Mr J J Smith Bursar and Clerk to the Governors Mrs F J Yates Deputy Head (Pastoral) Mr M B Fogg Deputy Head (Academic) Mr M P Syddall

Page 1

THE ORATORY SCHOOLS ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

REGISTERED OFFICE AND PRINCIPAL ADDRESS

The Oratory School, Woodcote, Reading, Berkshire, RG8 0PJ

ADVISERS Auditors

Crowe U.K. LLP, Aquis House, 49-51 Blagrave Street, Reading RG1 1PL

Bankers

Lloyds Bank Plc, 24 Broad Street, Reading, Berkshire, RG1 2BT

Solicitors

Blandy & Blandy, 1 Friar St, Reading RG1 1DA

Insurance Broker

Pib Group, Poppleton Grange, Low Poppleton Lane, York YO26 9GZ

Company Registration Number

00259021

Charity Number

309112

Page 2

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

CONSTITUTION AND OBJECTS

The main object for which the Association is established is to provide for boys and girls in any part of the world, general, physical, moral and religious education in particular in accordance with Roman Catholic doctrines and practices and for that purpose to carry on and maintain the school wherever the same may be carried on, having regard to the principles of education established by its founder, St John Henry Newman.

The Oratory Schools Association is incorporated as a company limited by guarantee registered in England, No. 00259021, and is registered with the Charity Commission under Charity No. 309112. The Association is governed by its Memorandum of Association and Articles of Association most recently revised on 26 January 2011.

AIMS, OBJECTIVES AND ACTIVITIES

Aims and objectives

Within the objects, The Oratory School’s aim is to provide an academically rich and all-round education for boys and girls from all backgrounds within the framework of a supportive, nurturing Catholic ethos.

The governors and the School are committed to ensuring that the school’s charitable objects are carried out for the public benefit. They do this in a number of ways, the most significant being to provide means tested bursaries to enable boys and girls from less wealthy families to enjoy the benefits of an education by the Association. They also ensure that the school’s facilities are made available, as far as possible, to other local schools and the wider community.

Principal activities

The Oratory School is a co-educational boarding and day school for pupils aged from 11 to 18. During 2021/22 The Oratory School averaged 360 pupils (2020/21 297 pupils).

GOVERNANCE AND MANAGEMENT

BOARD OF GOVERNORS

The Association’s governors, executive officers and principal address of the charitable company are as listed on pages 1 and 2. Particulars of the charitable company’s professional advisers are given on page 2.

RECRUITMENT AND TRAINING OF GOVERNORS

New governors are elected by the existing governors, acting by majority. The governors regularly seek to recruit and appoint highly qualified volunteer governors, and new governors are selected on the basis of the contribution that they will make to the governance of the Association and the skills that they will contribute. New governors are provided with a governor's portfolio containing detailed information about the Association and the school and given an introduction to the activities of the Association by a member of the Finance Committee. Existing governors are encouraged to be trained and are provided with training as and when required. All governors are encouraged to attend AGBIS seminars throughout the year to maintain an up-todate knowledge of their role. All governors undergo regular Safeguarding training and particular emphasis is placed upon this element of governors’ training.

Page 3

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

ORGANISATIONAL MANAGEMENT AND REMUNERATION

The Governing Body provides strategic leadership to the Association. The Association’s governors, as the trustees of the charity and directors of the company, are legally responsible for the overall management and control of The Oratory Schools Association and meet formally three times a year. They elect a Finance Committee, which meets at least three times a year. The members of the Finance Committee are detailed on the information page.

There are other sub committees which meet as required, including the Newman Committee. One of the responsibilities of this committee is to ensure that the school’s safeguarding policies and practices are effective, together with ensuring that the staff have sufficient training and support to carry out their roles.

The day-to-day management of the school is delegated to the Head Master supported by the Executive Leadership Team who are listed on page 1. All attend relevant meetings of the various committees.

The Executive Leadership Team and governors together form the Association’s Key Management Personnel.

The Board of governors are responsible for setting the pay and remuneration of the Head Master and setting the framework for the remuneration of the rest of the Executive Leadership Team within which the Head Master awards salary. When considering remuneration, the Board aims to recruit and retain talented people and to reward them fairly and responsibly for their individual contributions to the Association's success.

GROUP STRUCTURE AND RELATIONSHIPS

The Association owns 100% of the ordinary share capital of Oratory Trading Limited, which provides leisure, sporting and recreational activities to third parties. It donates the majority of any taxable profits to the Association under gift aid. The results and position of Oratory Trading Limited are included in the consolidated financial statements.

The Association also owns 100% of the ordinary share capital of Academy Catering Limited. This company is dormant.

The Woodcote Estate is vested in Trust for the benefit of and for free use by The Oratory School. The Oratory Schools Association, as owner of the School, is responsible for all outgoings thereon.

The School is a member of the following organisations:

The School actively supports the achievement of the highest standards in the Independent Education sector with the Head Master being a member of the Headmasters’ and Headmistresses’ Conference, a professional Association of heads of the world’s leading independent schools.

The School supports many local and national charities which assists in instilling in pupils a sense of public service and an understanding of how the benefits they have received through their education can be used to the advantage of the wider community.

The Association also benefits from the generosity of a thriving network of Old Oratorians whose support we greatly appreciate.

Page 4

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

AUDITORS

Each of the persons who are governors at the time when this Governors' report is approved has confirmed that:

The auditor, Crowe U.K. LLP, will be proposed for re-appointment in accordance with Section 485 of the Companies Act 2006.

Page 5

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

STRATEGIC REPORT

MISSION STATEMENT

The Association’s mission is to follow in the footsteps of our founder, Saint John Henry Newman, with Christ at our heart, to shine in kindness and joyful welcome, in educational endeavour and achievement, and to be of service to society and a light to others.

STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES

Our Strategic priorities for 2022 – 2027 are:

ACHIEVEMENTS AND PERFORMANCE

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Following The Independent Schools Inspectorate (ISI) progress monitoring visit in November 2021, The Oratory School is fully compliant and rated 'Excellent' for both ISI categories - pupils’ academic and other achievements and pupils’ personal development. The results are a wonderful reflection on Oratory pupils and the staff who work so hard to support and guide them. Inspections are all about pupil outcomes - what the school does being considered “contributory factors” in those outcomes - and throughout the inspection, inspectors were extremely complimentary about the School’s pupils in all sorts of different ways.

After a return to the reality of public exams The Oratory once again celebrated the success of its A Level pupils who attained highly in spite of the challenges faced during their two year courses. Grades again rose beyond national averages with A-A at 39%, A-B at 66% and A-C at 87%, and A-E at 100%. The majority of pupils have again gained entry to their first choice universities. Departmentally there were some excellent results with 100% A-A in Art & Design, Latin and Japanese, 83% A-A in Maths, and 80% A-A in English Literature; there were also 100% A-B grades in 3D Design, Photography and Chinese, whilst there were also other strong performances in Physics (66% A-A) Classical Civilisation (100% A-B), and Drama (75% A*-B).

GCSE results came in well above national averages, with 14% grade 9s, 29% of grades in the 9-8 category, 45% at 9-7, and 92% at grade 4 or higher, all showing significant gains on the 2019 exam results, the last year in which public exams were sat by pupils. Once again there were some very strong departmental performances, particularly from: Chinese with 100% 9-8; Art and Design where 78% of grades were 9-7; Latin in which 71% of grades were 9-7; PE and Additional Maths both achieving 62% 9-7; Maths and English Literature, in both of which there were 50% grades at 9-7.

The Drama Department put on two major productions during the year– Kipps and Matilda , the latter performed to a large number of pupils from local primary schools. As well as excellence the department aims for participation, with a very high number of pupils taking part in productions, be it on stage, backstage or on the technical side, in lighting and sound.

Page 6

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (Continued)

The Music Department’s main mission for the academic year was to build again after the Covid interruption, when so many barriers were put in front of what we would consider normal. This was achieved in large measure, with our ensembles all thriving and performing together again, reminding us all of the importance of collective music making. Particular highlights include the Schola Cantorum’s performance of Faure’s Requiem , the wonderful Jazz Night (back after a three year hiatus), our contribution to two school musicals ( Kipps and Matilda ), as well as the regular run of rehearsals, services and concerts. We are particularly proud of our ‘Thursday Evenings’ which have taken on a new lease of life recently. These recitals are so well supported by pupils, parents and staff and are always joyful celebrations of music.

Normal service resumed on the co-curricular front with over 100 sessions offered across the week. Fencing has been established as a co-curricular activity with 3 pupils earning medals at their first tournament. The Duke of Edinburgh’s Award continues to go from strength to strength with strong numbers in each of the Bronze, Silver and Gold Awards. Following last year’s trip to Dartmoor in the heatwave, the Gold expedition this year returned to the Brecon Beacons with for the first time in the past 10 years, two groups completing their expedition. Most encouragingly, four pupils completed their Residential sections over the summer and so are set to finish their Gold award before their A level exams in 2023.

The sporting year was one of huge participation and much success after a long lay-off. In football the school successfully introduced a Senior Girls’ XI and the Boys 2[nd] XI won the newly formed Central Independent Schools League. One pupil gained selection for ISFA U18s and was capped. He has subsequently signed for Maidenhead FC and been loaned out to Holyport FC.

The Girls’ 1[st] XI hockey team won the Berkshire Hockey U18 league. In Real Tennis the U14s were finalists in Peter Luck-Hille National Junior Cup and two pupils qualified for the Elite Schools singles.

In Rugby the highlight of the year was probably the U15As being the first ever Oratory side to reach an RFU competition final, the Plate Final at Saracens’ StoneX Stadium. A tour to Ireland took place. The club has nearly twenty pupils on performance pathways, mainly with London Irish RUFC but also with other clubs. Girls’ rugby began at the school, with a Senior Girls’ 7 competing at the Rosslyn Park National Sevens tournament. Old Oratorians made their debuts for Scarlets and Wales Sevens and Wasps and England Sevens as well as representing England Sevens at the Commonwealth Games. An Old Oratorian also played for Oxford University in the Varsity Match.

The school’s cricket grows in strength, with some impressive performances over the course of the season. Several pupils received county and academy recognition, and an U14 player scored his maiden century in the 1[st] XI.

In rowing, pupils returned to racing after a two year break. History was made at the Henley Sculls event as our 2021-2 Captain of Girls’ Boats and our Head Girl competed as the first ever Oratory Junior Women’s crew. Last November we also welcomed our new Senior rowing coach and Boathouse Manager to the Rowing coaching team, who brings experience from Hartpury College, New Zealand schools and Leander. PreSeason training took place at OSBC over Easter 2022 and led quickly into the regatta season, which brought various successes. The rowing team celebrated 60 years of OSBC at Leander Club in Henley in June 2022. The School’s senior Quad entered Henley Royal Regatta, competing in the Qualifying Races. Despite not beating the other 42 crews for the three places available, they produced their best performance to date and set the challenge for next year.

PUBLIC BENEFIT

The Trustees continued to have due regard to the published guidance on public benefit as per s.17 (5) of the Charities Act.

Page 7

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

In addition to its educational work, it remains an objective for the Association to be a good neighbour to, and to be an active part of, the local community. The governors believe that a school has a duty to extend its services to its community, and can thus, in the broadest sense, identify its beneficiaries as all who benefit from the institution.

The Association raises funds continually for a number of charities and it makes its sports facilities available at a subsidised rate to a large number of local schools, clubs and groups.

In 2021/22 there were 73 pupils (20% of pupils, 70 in 2020/21) receiving bursaries for all or part of their fees, according to their families’ circumstances. The Association also provides up to three completely free places to be awarded to deserving Catholic pupils who would not otherwise be able to afford the fees.

The Association offers a variety of scholarships at The Oratory School recognising academic, sporting and musical ability as well as all round achievement. Scholarships are awarded by the Head Master following examination and review.

The fees funded by the school through means-tested bursaries amounted to £917,237 or 8.7% of gross fees (£896,884 or 10.5% in 2020/21).

The governors believe that the public benefit is also served through savings accrued from private education by the Department for Education. For every UK pupil educated by the Oratory Schools Association, the Department for Education saves at least £6,000, which can then be used directly for the benefit of pupils within the State sector.

During the academic year, the Community Service programme expanded from 30 to 50 pupils involved across five primary schools and a local care home. Further engagement has been provided by helping PTA events at a neighbouring primary school and through hosting primary school sports tournaments in boys’ and girls’ football and cross-country. The drama department were delighted to welcome ten local primary schools to the junior production of Matilda .

We have continued to support our local partnership schools with transport to both Oratory events and local events and trips, helping to reduce charges to parents of these schools.

Members of the School’s senior leadership team are on the governing bodies of four local primary schools including two local Catholic primaries in the Archdiocese of Birmingham which the School works most closely in a formal partnership with. In addition to the Community Service programme, the School has also provided staff training to provide support on the Science Curriculum together with charging a subsidised rate for their Year 6 residential.

The School has entered into a partnership with a Multi Academy Trust within the Archdiocese of Birmingham and Oratory staff delivered training to their senior leaders and aspiring leaders on ‘Catholic Life and the Joy of the Gospel’.

The music department has also provided support for a local school’s GCSE music group and the IT department have supplied computers to a number of schools locally.

Additionally, the Association has again provided space and support for a number of organisations, including:

Page 8

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

FINANCIAL REVIEW

The consolidated net movement in funds before actuarial gains and losses was £103,529 ( 2021: £634,186 ) with the prior year including profit on the disposal of Chiltern Court of £1,337,168. The number of pupils rose to 362 in the 21/22 academic year which contributed to higher fee income. This was the first year for 3 years that there was no COVID19 reduction with fee income in the 2020/21 being reduced as a result of a remote learning fee being charged for the portion of the Lent term that the school was shut.

Costs have increased with the higher number of pupils together with the school being open for the whole year compared with 2020/21. Staff costs are the largest expense although there is also exposure to increases in utility, food and building repair costs.

During the year Oratory Trading Limited generated a surplus of £50,306 ( 2021: £60,450 ) and made a donation to the School of £51,015 ( 2021: £nil ). The trading results are set out in Note 7.

During the year a new short-term loan was taken out with MSP for £500,000, replacing the £826k loan owed at the end of the previous year. After the year end, the school sold a property with proceeds being used to repay a proportion of the Bellevue loan.

During the year the School created a Sixth Form Centre which provides a communal space complete with kitchen where the older pupils can relax and study, helping to prepare them for the world beyond school. In addition to this, the School continues to invest in its buildings with targeted redecoration and refurbishment together with projects associated with meeting health and safety requirements.

The School achieves its liquidity objectives by the careful management of working capital and regular forecasting of short and long term cash requirements.

The School’s exposure to credit risk is mitigated by fees being due at the beginning of each term.

COVID19

In 2021/22 the school enjoyed its first full year of in-school education for 3 years. The School continues to be vigilant and carry out enhanced sanitisation procedures.

RESERVES POLICY

The Association’s policy is to invest surplus cash funds which enables the school to continue to invest in the refurbishment and development of boarding and other facilities to optimise return.

At the end of the reporting period the Association holds total unrestricted funds (excluding pension) of £9,528,443 (2021: £9,412,964) . After deducting the carrying value of tangible fixed assets held for the charity’s own use, adjusted for borrowing, there were no free reserves (as defined by the Charity Commission).

Despite the absence of free reserves, the governors are of the opinion that the Association has sufficient cash and reserves to run efficiently with working capital requirements being met by careful management of liquid resources and this is not an uncommon situation for schools where there is a high level of functional fixed assets.

Page 9

THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

FUNDRAISING

The Oratory Schools Association is registered with the Fundraising Regulator and we follow their Code of Practice which sets out the responsibilities that apply to fundraising carried out by charitable institutions in the UK. During the last academic year there have been no complaints about the School’s fundraising activities and the School does not make persistent approaches to potential donors.

Recently funds have been raised for the resurfacing of a tennis court with an Astro surface and a Shrine in the Chapel. An ongoing campaign has been Heart speaks to Heart which raises money for the provision of bursaries. The School is now looking to expand its fundraising activities in 2022/23 to provide funds for further capital development in particular.

FUTURE PLANS

The governors’ intention is to maintain The Oratory School as a co-educational boarding and day school, with growth of the pupil roll to approximately 450 over the next 5 years.

Future development plans include:

RISK MANAGEMENT

The governors are responsible for the management of the risks faced by the School. Detailed considerations of risk are delegated to the Finance Committee who are assisted by the leadership team. Risks are identified, assessed and controls established throughout the year.

The key controls used by the Association include:

Page 10

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

The Governing Body maintains a Risk Register, which is reviewed regularly at Committee meetings. The Register, which is maintained by the Bursar, covers including:

The main risks to the success of the Association are considered to be:

GOVERNORS' RESPONSIBILITIES STATEMENT

The governors (who are also directors of The Oratory Schools Association for the purposes of company law) are responsible for preparing the Governors' report (including the Group strategic report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company and charity law requires the governors to prepare financial statements for each financial year. Under company and charity law the governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the governors are required to:

The governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of the Oratory Schools Association on 30 November 2022 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on their behalf by:

Mrs M P Lo Chair

Page 11

Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ORATORY SCHOOLS ASSOCIATION

We have audited the Group and Parent company financial statements of The Oratory Schools Association for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governor's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Page 12

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ORATORY SCHOOLS ASSOCIATION (CONTINUED)

Other information

The Governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Group and Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Governors’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the Governors

As explained more fully in the Governors’ Responsibilities Statement set out on page 10, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Page 13

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ORATORY SCHOOLS ASSOCIATION (CONTINUED)

In preparing the financial statements, the Governors are responsible for assessing the Group’s or the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the group and charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102) and the Charities Act. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the group and charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the group and charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014, Safeguarding, Health and Safety, GDPR and Food standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of non fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.

Page 14

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ORATORY SCHOOLS ASSOCIATION (CONTINUED)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor Aquis House 49-51 Blagrave Street Reading RG1 1PL

14 December 2022

Page 15

THE ORATORY SCHOOLS ASSOCIATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022

Notes
INCOME FROM:
Income from Charitable Activities
School fees receivable
4
Ancillary trading income
5
Donations and grants
6
Other Trading Activities:
Trading income
7
Other income
8
TOTAL INCOME
EXPENDITURE ON:
Raising funds
7
Charitable activities:
Charitable activities
9
Finance costs
9
TOTAL EXPENDITURE
9
NET INCOME/(EXPENDITURE)
10
Transfer between funds:
OTHER RECOGNISED GAINS/(LOSSES):
Actuarial gains on defined benefit pension
schemes
25
NET MOVEMENT IN FUNDS:
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Restricted
Funds
-
-
-
-
-
-
-
-
-
(33,950)
-
(33,950)
33,950
-		 Unrestricted
Funds
7,647,893
319,855
22,380
246,389
1,060
8,237,577
145,068
7,833,982
154,998
8,134,048
103,529
33,950
60,000
197,479
9,330,964
9,528,443		 Total
2022
£
7,647,893
319,855
22,380
246,389
1,060
8,237,577
145,068
7,833,982
154,998
8,134,048
103,529
-
60,000
163,529
9,364,914
9,528,443		 Restated
Total
2021
£
5,886,155
182,393
195,809
145,442
1,337,168
7,746,967
84,992
6,902,530
125,259
7,112,781
634,186
-
62,000
696,186
8,668,728
9,364,914

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 22 to 41 form part of these financial statements

Page 16

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) REGISTERED NUMBER: 00259021 CONSOLIDATED BALANCE SHEET

31 AUGUST 2022

Notes
FIXED ASSETS
Tangible fixed assets
14
CURRENT ASSETS
Stock
16
Debtors
17
Cash at bank and in hand
23
CREDITORS: Amounts falling
due within one year
18
NET CURRENT LIABILITIES
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS: Amounts falling
due after more than one year
19
NET ASSETS EXCLUDING
PENSION LIABILITY
Defined benefit pension scheme
liability
25
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
21
Unrestricted funds
Unrestricted funds excl pension
21
Pension reserve
21
Total unrestricted funds
21
TOTAL FUNDS		 2022
Restated 2021
£
£
£
£
12,488,202
12,559,932
24,301
34,376
581,741
319,931
981,982
1,254,008
1,588,024
1,608,315
(4,191,846)
(3,482,473)
(2,603,822)
(1,874,158)
9,884,380
10,685,774
(355,937)
(1,238,860)
9,528,443
9,446,914
-
(82,000)
9,528,443
9,364,914
-
33,950
9,528,443
9,412,964
-
(82,000)
9,528,443
9,330,964
9,528,443
9,364,914		 2022
Restated 2021
£
£
£
£
12,488,202
12,559,932
24,301
34,376
581,741
319,931
981,982
1,254,008
1,588,024
1,608,315
(4,191,846)
(3,482,473)
(2,603,822)
(1,874,158)
9,884,380
10,685,774
(355,937)
(1,238,860)
9,528,443
9,446,914
-
(82,000)
9,528,443
9,364,914
-
33,950
9,528,443
9,412,964
-
(82,000)
9,528,443
9,330,964
9,528,443
9,364,914
9,364,914
33,950
9,330,964
9,364,914

The notes on pages 22 to 41 form part of these financial statements

Page 17

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) REGISTERED NUMBER: 00259021

CONSOLIDATED BALANCE SHEET (CONTINUED) 31 AUGUST 2022

The surplus/(deficit) in relation to the School only was £110,601 (2021: £636,482) .

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

……………………………………….

Mrs M P Lo

……………………………………….

F P Gargent

Date 30 November 2022

The notes on pages 22 to 41 form part of these financial statements

Page 18

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) REGISTERED NUMBER: 00259021

COMPANY BALANCE SHEET

31 AUGUST 2022

Notes
FIXED ASSETS
Tangible fixed assets
14
Investments
15
CURRENT ASSETS
Stock
16
Debtors
17
Cash at bank and in hand
23
CREDITORS: Amounts falling due
within one year
18
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS: Amounts falling
due after more than one year
19
NET ASSETS EXCLUDING
PENSION LIABILITY
Defined benefit pension scheme
liability
25
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
Unrestricted funds
Unrestricted funds excl pension asset
Pension reserve
Total unrestricted funds
TOTAL FUNDS		 2022
Restated 2021
£
£
£
£
12,484,479
12,554,855
10,001
10,001
12,494,480
12,564,856
23,003
32,589
598,610
375,561
819,119
1,109,701
1,440,732
1,517,851
(4,165,429)
(3,458,602)
(2,724,697)
(1,940,751)
9,769,783
10,624,105
(355,937)
(1,238,860)
9,413,846
9,385,245
-
(82,000)
9,413,846
9,303,245
-
33,950
9,413,846
9,351,295
-
(82,000)
9,413,846
9,269,295
9,413,846
9,303,245		 2022
Restated 2021
£
£
£
£
12,484,479
12,554,855
10,001
10,001
12,494,480
12,564,856
23,003
32,589
598,610
375,561
819,119
1,109,701
1,440,732
1,517,851
(4,165,429)
(3,458,602)
(2,724,697)
(1,940,751)
9,769,783
10,624,105
(355,937)
(1,238,860)
9,413,846
9,385,245
-
(82,000)
9,413,846
9,303,245
-
33,950
9,413,846
9,351,295
-
(82,000)
9,413,846
9,269,295
9,413,846
9,303,245
9,303,245
33,950
9,269,295
9,303,245

The notes on pages 22 to 41 form part of these financial statements

Page 19

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) REGISTERED NUMBER: 00259021

COMPANY BALANCE SHEET (CONTINUED) 31 AUGUST 2022

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

……………………………………….

Mrs M P Lo

……………………………………….

F P Gargent

Date 30 November 2022

The notes on pages 22 to 41 form part of these financial statements

Page 20

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
22
Cash flows from investing activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Net cash (used in) financing activities
Cashflows from advanced fee scheme
Advance fees received
Advance fees utilised
Cash (used in)/provided by advance fees
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2022
£
535,877
1,060
(362,177)
(361,117)
-
(332,758)
(332,758)
455,591
(569,619)
(114,028)
(272,026)
1,254,008
981,982		 2021
£
(272,192)
1,500,000
(144,466)
1,355,534
200,000
(1,499,042)
(1,299,042)
476,809
(397,528)

79,281
(136,419)
1,390,427
1,254,008

The notes on pages 22 to 41 form part of these financial statements

Page 21

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. COMPANY INFORMATION

The Oratory Schools Association's principal activity is the maintenance of an independent boarding and day school for boys and girls aged from 11 to 18. The Charity (company registered number 0025902 and charity number 309112), is incorporated and domiciled in the UK. The address of the registered office is The Oratory School, Woodcote, Reading, Berkshire, RG8 0PJ.

2. ACCOUNTING POLICIES

a) Assets not recognised in the annual accounts

The Oratory Schools Association owns a number of paintings and statues which it has acquired over the years. No valuation of these items has been 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 permitted by the Charities SORP (FRS 102), such assets are not recognised on the balance sheet.

b) Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting - Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard· applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Oratory Schools Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

c) Going concern

The financial statements have been prepared on a going concern basis. The consolidated financial statements show net movement in fund before actuarial gains £103,529 (2021: £634,186) and net current liabilities of £2,603,822 (2021: current liabilities of £1,874,158). Income from The Oratory School has increased with the rise in pupil numbers for the year ended 31st August 2022 and there has been a further rise for 22/23 academic year. The Governors are of the view that the Association has sufficient funds to enable the Association to continue its activities on a going concern basis for a period of at least 12 months from the date of approval of these financial statements.

d) Company status

The company is a company limited by guarantee. The members of the company are the governors named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Page 22

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (continued)

e) Income

All incoming resources are included in the statement of financial activities when the charitable company is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Any amounts received for services not yet provided are included in creditors as fees received 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 received for a restricted purpose are included within restricted funds. Donation income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure. In the prior year the Charity received £132k from the UK Government under the Coronavirus Job Retention Scheme. This income had been recognised under the performance model as permitted by the Charity SORP and, therefore, recognised on a straight line basis over the furlough period for each relevant employee.

f) Expenditure

Expenditure is allocated 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 allocated to the separate expenditure headings of teaching costs, welfare and premises as the main activity is the provision of education and any allocation would not make more meaningful presentation. Governance costs comprise costs incurred in meeting statutory and constitutional requirements of the School.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

g) Grants payable

No grants are made except for scholarships and bursaries.

h) Pension schemes

The Association previously contributed to the Teachers' Pension Scheme at rates set by the Scheme Actuary and advised to the Association by the Scheme Administrator. Following a consultation process The Oratory Schools Association's participation in the TPS came to an end on 31 December 2020.

The Association now operates two defined contribution pension schemes and the pension charge represents the amounts payable by the Group to the funds for the period.

The Association also operates a group personal pension defined benefit scheme. The defined benefit pension scheme was discontinued on 1 December 1999. This scheme is currently being run as a closed fund with benefits being paid as they fall due.

Full details of the pension schemes are given in the notes to the financial statements.

Page 23

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (continued)

j) Fund accounting

Unrestricted Funds are funds applied at the discretion of the governors in furtherance of the objects of the School. General funds are unrestricted funds which are available for use at the discretion of the governors in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. This represents the monies received for specific purposes as disclosed in note 21.

k) Tangible fixed assets and depreciation

Tangible fixed assets costing more than £1,000 with an estimated life of 3 years or more are capitalised along with collections of smaller items if the listed value is significant.

The Oratory School is sited on the Woodcote Estate which is vested in trust for the benefit of and free use by the Oratory School. The Estate reverts to the Trustees if it ceases to be used as a school. Additions to school buildings on the Estate are capitalised as it is considered the Association has an equitable right to compensation for these additions if the Estate were to revert to the Trustees.

In addition to the capitalised fixed assets held for the charity's own use. The Oratory Schools Association also has a number of paintings and statues which span the history of the school and depict a number of its figureheads. No valuation of these has been made and accordingly these assets have not been capitalised in the financial statements.

Freehold land and assets under construction are not depreciated.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Buildings - 2% straight line
Building improvements - 2% straight line
Land - Not depreciated
Plant and equipment - 10-33% straight line

l) Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Page 24

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (continued)

m) Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

n) Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

o) Advance fee payment scheme

The School operates an Advance Fee Payment Scheme. The Scheme is offered to assist parents who wish to make a once only capital payment to secure a termly remission of fees for a specified period.

The balance sheet liability represents the amount of the original capital payment, less amounts transferred to settle actual school fees. Transfers are made to fees each term at the applicable rate. This deferred income is allocated as current liabilities where the education will be provided with 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

p) Deposits received in advance

The School receives a deposit from each pupil when they join. These deposits are repayable on demand when the pupil leaves. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the School, pupils can leave at earlier dates. The School does not, therefore, have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at the year-end have been included within current liabilities. The prior year pupil fee deposits balance has been similarly represented.

q) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the bank.

r) Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

s) Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

t) Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 25

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES (continued)

u)

Liabilities

Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.

v) Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Bank loans which are subsequently measured at amortised cost using the effective interest method.

3. Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

The governors consider that the financial statements should be prepared on a going concern basis. The assumptions made in reaching this conclusion are outlined in note 2 c).

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into 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 judgements based on experience regarding the level of provision required to account for potentially uncollectible amounts.

Pensions

Various assumptions are made in reporting the performance of the charity's share of the pension scheme. The principal assumptions made are disclosed in note 25.

Page 26

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

4. Fees receivable

Gross fees
Less scholarship and bursaries
Registration fees and forfeited deposits
5.
Ancillary trading income
External course and sports tuition
Trips
Exams
Miscellaneous income
School fees protection insurance
6.
Income from donations and grants
2022
Donations and grants
Coronavirus job retention scheme grant
Total
2021
Donations and grants
Coronavirus job retention scheme grant
Total		 Total
Funds
Restated
Total
funds
2022
2021
£
£
10,504,954
8,511,912
(2,915,801)
(2,649,104)
7,589,153
5,862,808
58,740
23,347
7,647,893
5,886,155
Total
Funds
Total
funds
2022
2021
£
£
181,957
126,071
96,932
47,026
3,519
3,123
33,652
2,935
3,795
3,238
319,855
182,393
Restricted
fixed asset
funds
Unrestricted
funds
Total
Funds
£
£
£
22,380
22,380
-
-
-
-
22,380
22,380
33,950
29,320
63,270
-
132,539
132,539
33,950
161,859
195,809		 Total
Funds
Restated
Total
funds
2022
2021
£
£
10,504,954
8,511,912
(2,915,801)
(2,649,104)
7,589,153
5,862,808
58,740
23,347
7,647,893
5,886,155
Total
Funds
Total
funds
2022
2021
£
£
181,957
126,071
96,932
47,026
3,519
3,123
33,652
2,935
3,795
3,238
319,855
182,393
Restricted
fixed asset
funds
Unrestricted
funds
Total
Funds
£
£
£
22,380
22,380
-
-
-
-
22,380
22,380
33,950
29,320
63,270
-
132,539
132,539
33,950
161,859
195,809
22,380
63,270
132,539
195,809

Page 27

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

7. Trading Income

The School owns 100% of Oratory Trading Limited, which provides leisure and conference facilities to local and other groups. The registered office of Oratory Trading Limited is The Oratory School, Woodcote, Reading, Berkshire, RG8 0PJ. Its taxable profits are donated under a deed of covenant to the School. Its trading results, extracted from its audited accounts were:

Turnover
Other trading income
Cost of sales
Gross profit
Admin costs
Operating profit
Gift Aid Paid
Profit transferred to reserves
Net assets/(liabilities)		 2022
£
246,389
-
(62,219)
184,170
(82,849)
101,321
(51,015)
50,306
124,598		 2021
£
145,442
-
(17,657)
127,785
(67,335)
60,450
-
60,450
74,292

An amount of £51,015 (2021: £nil) in relation to gift aid donation to the School has been eliminated on consolidation.

The School also holds 100% share capital of Academy Catering Limited, which was dormant for the year ending 31 August 2022.

Page 28

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

8. Other incoming resources

Profit on sale of fixed assets Unrestricted
funds
2022
£
1,060
1,060		 Total
Funds
2022
£
1,060
1,060		 Total
funds
2021
£
1,337,168
1,337,168

9. Analysis of expenditure by type

Cost of raising funds
Teaching costs
Welfare
Premises
Support & other costs
Governance costs
Finance
Charitable activities
Trading
Total 2022
Total 2021		 Staff
Costs
2022
£
3,134,546
781,962
388,673
659,548
-
-
4,964,729
6,852
4,971,581
4,543,087		 Other
costs
2022
£
664,941
456,209
904,219
378,976
32,355
154,998
2,591,698
136,862
2,728,560
2,104,435		 Depreciation
costs
2022
£
16,329
1,019
415,205
-
-
-
432,553
1,354
433,907
465,259		 Total
Funds
2022
£
3,815,816
1,239,190
1,708,097
1,038,524
32,355
154,998
7,988,980
145,068
8,134,048
7,112,781		 Restated
Total
funds
2021
£
3,272,115
965,932
1,531,344
1,101,224
31,915
125,259
7,027,789
84,992
7,112,781

10. Net income/expenditure

Net income/expenditure is stated after charging:

Depreciation
Fees payable to the Company’s auditor in respect of:
Audit fees
Other services		 2022
£
433,907
18,000
1,250		 2021
£
465,259
16,000
11,500

Page 29

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution
pension schemes
Contribution to defined benefit
pension schemes
Operating costs of defined benefit
pension schemes		 Group
2022
£
4,130,773
396,848
443,960
-
-
4,971,581		 Group
2021
£
3,748,752
319,923
340,320
122,092
12,000
4,543,087		 Company
2022
£
4,123,921
396,848
443,960
-
-
4,964,729		 Company
2021
£
3,746,936
319,923
340,320
122,092
12,000
4,541,271

The average number of persons employed by the Company during the year was as follows:

Educational Staff
Domestics and Matron
Administrative
Maintenance and Grounds		 Group
2022
No
68
27
35
13
143		 Group
2021
No
61
27
36
12
136

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2022 2021
No No
In the band £60,001 - £70,000 2 2
In the band £80,001 - £90,000 - -
In the band £110,000 - £120,000 - 1
In the band £120,000 - £130,000 1 -

The charity considers its key management personnel comprise the Governors and senior management team. The total employment benefits (including employer pension and employer national insurance contributions) of the key management personnel were £396,139 ( 2021: £380,931 ).

Page 30

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

12. Parent company results

The parent company has taken advantage of Section 408 Companies Act 2006 in not preparing its own Statement of financial activities. The net movement of funds after investment and pension movements within the parent company alone is a surplus of £110,601 (2021: surplus £636,482) .

13. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2021 - £NIL). During the year ended 31 August 2022, no Governors were reimbursed expenses or were paid directly to any Governor (2021 - £82 to 1 Governor) .

Page 31

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

14. Tangible fixed assets

Tangible fixed assets
Group
Cost or valuation
At 1 September 2021
Additions
Disposals
Transfers
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
On disposals
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021
School
Cost or valuation
At 1 September 2021
Additions
Disposals
Transfers
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
On disposals
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021		 Land and
buildings
£
19,172,626
-
-
-
19,172,626
6,830,868
391,961
-
7,222,829
11,949,797
12,341,758
Land and
buildings
£
19,172,626
-
-
-
19,172,626
6,830,868
391,961
-
7,222,829
11,949,797
12,341,758		 Building
improvements
£
5,295,654
289,911
-
12,603
5,598,168
5,200,388
6,104
-
5,206,492
391,676
95,266
Building
improvements
£
5,295,654
289,911
-
12,603
5,598,168
5,200,388
6,104
-
5,206,492
391,676
95,266		 Plant and
equipment
£
3,993,846
72,266
(28,250)
(12,603)
4,025,259
3,870,938
35,842
(28,250)
3,878,530
146,729
122,908
Plant and
equipment
£
3,917,809
72,266
(28,250)
(12,603)
3,949,222
3,799,978
34,488
(28,250)
3,806,216
143,006
117,831		 Total
£
28,462,126
362,177
(28,250)
-
28,796,053
15,902,194
433,907
(28,250)
16,307,851
12,488,202
12,559,932
Total
£
28,386,089
362,177
(28,250)
-
28,720,016
15,831,234
432,553
(28,250)
16,235,537
12,484,479
12,554,855

Included in land and buildings is freehold land at cost of £191,800 (2021: £239,011) which is not depreciated.

It has not been the Association's policy to revalue fixed assets in the financial statements. A recent valuation carried out for bank security purposes indicated that the market value of land and buildings is substantially greater than the book value included in the financial statements.

Page 32

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

15. Fixed asset investments

Company
Cost of valuation
At 1 September 2021
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021		 Investments
in
subsidiary
companies
£
10,001
10,001
10,001
10,001

Principal subsidiaries

The following were subsidiary undertakings of the Company.

Company Class Included in
number of shares Holding consolidation
Names
Oratory Trading Limited 02441508 Ordinary 100% Yes
Academy Catering Limited 02743407 Ordinary 100% Yes

The financial results of the subsidiaries for the year were:

Income Expenditure Profit/surplus Net
for the year assets
£ £ £ £
Names
Oratory Trading Limited 246,389 196,083 50,306 124,598
Academy Catering Limited - - - 10,000

16. Stock

Stock held in year Group
2022
£
24,301		 Group
2021
£
34,376		 Company
2022
£
23,003		 Company
2021
£
32,589

Page 33

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

17. Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2022
£
393,002
-
74,566
114,173
581,741		 Group
2021
£
197,459
-
53,697
68,775
319,931		 Company
2022
£
268,813
141,666
74,566
113,565
598,610		 Company
2021
£
173,347
79,939
53,500
68,775
375,561

18. Creditors: Amounts falling due within one year

Bank and other loans
Deposits
School fees received in advance
Advance fee scheme (see note 20)
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2022
£
1,193,388
907,752
939,649
572,355
124,011
101,224
81,807
271,660
4,191,846		 Restated
Group
2021
£
826,146
974,185
706,593
503,460
99,106
94,965
69,082
208,936
3,482,473		 Company
2022
£
1,193,388
907,752
939,649
572,355
121,723
97,163
81,808
251,591
4,165,429		 Restated
Company
2021
£
826,146
974,185
706,593
503,460
87,759
87,446
69,082
203,931
3,458,602

Included in bank and other loans, is a bank loan of £508,388 (2021: £826,146) and other loans of £685,000 (2021: £nil) , which are secured by way of a legal charge over properties owned by The Oratory Schools Association.

Page 34

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

19. Creditors: Amounts falling due after more than one year

Advance fee scheme (see note 20)
Other loans		 Group
2022
£
155,937
200,000
355,937		 Restated
Group
2021
£
338,860
900,000
1,238,860		 Company
2022
£
155,937
200,000
355,937		 Restated
Company
2021
£
338,860
900,000
1,238,860

Included within the above are amounts falling due as follows:

Between one and two years
Other loans
Between two and five years
Other loans		 Group
2022
£
200,000
-		 Group
2021
£
700,000
200,000		 Company
2022
£
200,000
-		 Company
2021
£
700,000
200,000

Included in other loans is a balance of £nil (2021: £700,000) which is secured by way of a legal charge over properties owned by The Oratory Schools Association.

20. Analysis of advance fee scheme

Due:
Between two to five years
Due within one year
Balance at 31 August 2022
The balance represents the accrued liability under the contracts.
The movements during the year were:
Balance at 1 September 2021
New contracts
Amounts utilised in the payment of fees
Balance at 31 August 2022		 Due:
Between two to five years
Due within one year
Balance at 31 August 2022
The balance represents the accrued liability under the contracts.
The movements during the year were:
Balance at 1 September 2021
New contracts
Amounts utilised in the payment of fees
Balance at 31 August 2022		 2022
£
155,937
572,355
728,292
2022
£
842,320
455,591
(569,619)
728,292		 2021
£
338,860
503,460
842,320
2021
£
763,039
476,809
(397,528)
842,320

Page 35

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

21. Statement of funds

Statement of funds – current year

Balance at 1 Income Income Expenditure Expenditure Transfers Balance at
September Gains/ 31 August
2021 (losses) 2022
£ £ £ £ £ £
Unrestricted funds
General Funds –
all funds 9,412,964 8,237,577 (8,134,048) - 11,950 9,528,443
Pension reserve (82,000) - - 60,000 22,000 -
9,330,964 8,237,577 (8,134,048) 60,000 33,950 9,528,443
Balance at Income Expenditure Transfers Balance at
1 Gains/ 31 August
September (losses) 2022
2021
£ £ £ £ £ £
Restricted funds
Resurfacing of
tennis courts appeal 25,000 - - - (25,000) -
Shrine appeal 8,950 - - - (8,950) -
33,950 - - - (33,950) -
Total of funds 9,364,914 8,237,577 (8,134,048) 60,000 - 9,528,443
tatement of funds - prior year
Balance at 1 Income Expenditure Gains/ Balance at
September (losses) 31 August
2020 2021
£ £ £ £ £
General funds – all funds 8,798,728 7,648,080 (7,033,844) - 9,412,964
Pension reserve (130,000) - (14,000) 62,000 (82,000)
8,668,728 7,648,080 (7,047,844) 62,000 9,330,964

Statement of funds - prior year

Page 36

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

21. Statement of funds (continued)

Balance at 1
September
2020
Income
Expenditure
Gains/
(losses)
£
£
£
£
Restricted funds
Resurfacing of tennis
courts appeal
-
25,000
-
-
Shrine appeal
-
8,950
-
-
-
33,950
-
-
Total of funds
8,668,728
7,682,030
(7,047,844)
62,000
econciliation of net movement in funds to net cash flow from operating activities
Group
2022
£
Net income/expenditure for the year
103,529
Adjustments for:
Depreciation charges
433,907
Profit on sale of fixed assets
(1,060)
Decrease/(increase) in stocks
10,075
(Increase) in debtors
(261,810)
Increase in creditors
273,236
Pension FRS 102 adjustment
(22,000)
Net cash provided by/(used in) operating activities
535,877
nalysis of cash and cash equivalent
Group
2022
Group
2021
Company
2022
£
£
£
Cash in hand
981,982
1,254,008
819,119
Total cash and cash equivalents
981,982
1,254,008
819,119		 Balance at
31 August
2021
£
25,000
8,950
33,950
9,364,914
Group
2021
£
634,186
465,259
(1,337,168)
(456)
(77,200)
29,187
14,000
(272,192)
Company
2021
£
1,109,701
1,109,701		 Balance at
31 August
2021
£
25,000
8,950
33,950
9,364,914

22. Reconciliation of net movement in funds to net cash flow from operating activities

23. Analysis of cash and cash equivalent

Page 37

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

24. Analysis of changes in net debt

Cash at bank and in hand
Loans
Advance fees
Closing net debt		 At 1
September
2021
£
1,254,008
(1,726,146)
(842,320)
(1,314,458)		 Cash
flows
£
(272,026)
332,758
114,028
174,760		 At 31
August
2022
£
981,982
(1,393,388)
(728,292)
(1,139,698)

25. Pension commitments

The Oratory Schools Association Retirement & Death Benefits Scheme

The company sponsors The Oratory Schools Association Retirement & Death Benefits Scheme, a defined benefit arrangement which closed to future accrual on 1 December 1999. A full actuarial valuation was carried out as at 30 November 2020 by a qualified actuary and updated to 31 August 2022. The major assumptions used are shown below.

The organisation has agreed with the Trustees that it will pay amounts equal to the levy payments required to be made to the Pension Protection Fund. Management and administration expenses are payable in addition as and when they are due.

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

Discount rate
Pension in payment increases in line with inflation up to 5% per annum
Revaluation rate for deferred pensioners
Inflation (RPI)
Inflation (CPI)
Mortality rates (in years)
- for male aged 65 now
- at 65 for male aged 45 now
- for a female aged 65 now
- at 65 for a female aged 45 now		 At 31
August
2022
%
4.30
3.80
2.70
3.50
2.70
At 31
August
2022
Years
20.8
22.1
22.6
24.1		 At 31
August
2021
%
1.70
3.60
2.60
3.50
2.60
At 31
August
2021
Years
20.4
21.7
22.4
23.9

Page 38

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

25. Pension commitments (continued)

The Group’s share of the assets in the scheme was:

At 31
August
2022
£		 At 31
August
2021
£
213,000 161,000
With-profits policies
213,000 161,000
The actual return on scheme assets was (£29,000)(2021: - £196,000).
The amounts recognised in the Consolidated statement of financial activities are as follows:
2022 2021
£ £
Current service cost - (12,000)
Net interest charge (1,000) (2,000)
Total amount recognised in the Consolidation statement of
financial activities (1,000) (14,000)
Defined benefit asset 2022 2021
£ £
Fair value of plan assets 213,000 161,000
Present value of funded obligations (154,000) (243,000)
59,000 (82,000)
Impact of asset ceiling (59,000) -
Net defined benefit asset/(liability) - (82,000)
Movements in the present value of the defined benefit obligation were as follows:
2022 2021
£ £
Opening defined benefit obligation 243,000 499,000
Current service cost - 12,000
Interest cost 4,000 9,000
Actuarial gains (93,000) (265,000)
Benefits paid - (12,000)
Closing defined benefit obligation 154,000 243,000
Movements in the fair value of the Group's share of scheme assets were as follows:
2022 2021
£ £
Opening fair value of scheme assets 161,000 369,000
Expected return on assets 3,000 7,000
Actuarial gains/(losses) 26,000 (203,000)
Employer contributions 23,000 -
Expenses paid - (12,000)
Closing fair value of scheme assets 213,000 161,000

Page 39

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

25. Pension commitments (continued)

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme governed by the Teachers' Pension Scheme Regulations 2014. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - the contributions are credited to the Exchequer: Retirement and other pension benefits are paid by public funds provided by Parliament. Following a consultation process, The Oratory Schools Association's participation in the TPS came to an end on 31 December 2020 and has been replaced with a defined contribution arrangement, Aviva Pension Trust for Independent Schools (APTIS).

26.

Operating lease commitments

At 31 August 2022 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group
2022
£
Not later than 1 year
113,015
Later than 1 year and not later than 5 years
49,225
Later than 5 years
-
162,240		 Group
2021
£
133,201
250,971
-
384,172		 Company
2022
£
89,040
39,040
-
128,080		 Company
2021
£
107,041
207,811
-
314,852

27. Capital Commitments

At the year end there were capital commitments of £19,841 in relation to the Sixth Form Centre (2021: £nil) .

28. Related party transactions

The company is controlled by the Board of Governors.

On the basis that 100% of the company's voting rights are controlled within the group and consolidated financial statements in which the company is included have been made publicly available, the company has taken advantage of the exemption under the Charities SORP (FRS 102) not to disclose intra-group transactions.

Included in other loans is a balance of £200,000 (2021: £200,000) owed to The Oratory Schools Foundation.

Close family members of key management personnel received remuneration of £84,474 (2021: 64,994).

Page 40

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

29. Prior period adjustment

The prior period restatement relates to a correct in the allocation of trial balance codes, which had lead to netting-off in the balances being disclosed.

School fees
Gross fees
less scholarships and bursaries
Charitable activities
Teaching costs
School fees received in advance
Fees in advance < 12 months
Fees in advance > 12 months
Advance fee scheme
Advance fee scheme <12 months
Advance fee scheme >12 months
Deposits
Deposits < 12 months
Deposits > 12 months		 As
previously
stated
2021
£
7,928,836
(2,130,965)
5,797,871
(3,423,160)
1,548,913
-
1,548,913
-
-
-
152,200
821,985
974,185		 Prior period
adjustment
2021
£
583,076
(518,139)
64,937
(64,937)
(842,320)
-
(842,320)
503,460
338,860
842,320
821,985
(821,985)
-		 Restated
balance
2021
£
8,511,912
(2,649,104)
5,862,808
(3,488,097)
706,593
-
706,593
503,460
338,860
842,320
974,185
-
974,185

Page 41