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2024-08-31-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 2024

THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee) FOR THE YEAR ENDED 31 AUGUST 2024

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
Company Balance Sheet 18
Consolidated Statement of Cash Flow 19
Notes to the Financial Statements 20 - 39

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

FOR THE YEAR ENDED 31 AUGUST 2024

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 2024. 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:

Mr F P Gargent (Chair from 1[st] July 2024) Mrs M-P Lo (Chair to retirement on 30[th] June 2024) Mrs K M Carberry-Long Mrs G Collicutt (appointed 1st September 2024) Mr M Dent Mr J R B Hobbs Mr P J D Hobley Mr P J McDonald Mr J Rawlings Mrs G Rigg (appointed 1st September 2024) Fr D Seward Mrs A Shields Mrs M C Shinkwin (retired 31[st] August 2024) Mr P M Sieyes (retired 30[th] June 2024) Mrs J Smith (appointed 1st September 2024) Mr J R W Wilder

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 Dr J Murphy Bursar and Clerk to the Governors Mrs F J Yates Senior Deputy Head 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 2024

REGISTERED OFFICE AND PRINCIPAL ADDRESS

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

ADVISERS

Auditors

Crowe U.K. LLP, R+ Building, 2 Blagrave Street, Reading, RG1 1AZ

Bankers

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

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 2024

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 2023/24 The Oratory School averaged 374 pupils (2022/23 377 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 & Estates 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-to-date knowledge of their role. All governors undergo regular Safeguarding training and particular emphasis is placed upon this element of governors’ training.

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 & Estates Committee, which meets at least three times a year. The members of the Finance & Estates Committee are detailed on the information page.

Page 3

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

ORGANISATIONAL MANAGEMENT AND REMUNERATION (continued)

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 supported by the Executive Leadership Team who are listed on Page 2. 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 and setting the framework for the remuneration of the rest of the Executive Leadership Team within which the Head 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 School’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: Catholic Independent Schools’ Conference Independent Schools Council The Association of Governing Bodies of Independent Schools The Boarding Schools’ Association The Independent Schools’ Bursars Association

The School actively supports the achievement of the highest standards in the Independent Education sector with the Head 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.

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

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.

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

STRATEGIC REPORT

MISSION STATEMENT

We are a community that places joy, courage, and compassion at the heart of all we do. We are a close knit yet global community that seeks to spark wonder and nurture integrity in every student. We are a Catholic school that welcomes students of all faiths and none. We help parents raise young people who are confident not arrogant; ambitious not materialistic.

We know every student in our care and follow the teaching of our Founder, John Henry Newman, that “the ways by which perfection is reached vary.”

We help our students to become not just fully qualified but fully human. We stand beside each student in their journey to ‘Be you. Become more.’

STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES

Our Strategic priorities for 2023 – 2026 are:

ACHIEVEMENTS AND PERFORMANCE

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

We were pleased with the A level results this year in another year where grade boundaries had risen considerably in many subject areas and there were strong EPQ results with one pupil achieving full marks for their project. The results were testament to the hard work and dedication of the students and their teachers. There were some excellent subject performances from: Spanish with 100% A-A; Physics and Chemistry, both also 100% A-A; Maths 63% A-A; History 100% A-B. Overall, grades were above the national averages with the majority of students reaching their first choice university, and this year the first successful Oxbridge application for a number of years.

We also enjoyed a good year of GCSE exam results, with many students achieving above prediction. 9-7 and 9-5 grades were both significantly above national averages, and 9-4 grades were 20% above the national average. Many students achieved a good spread of high grades. Strong performances came from the Mathematics department, who achieved 41% 9-7 grades, Art (a very popular subject at GCSE and A Level) who achieved 47% 9-7 grades, and Latin, who achieved 33% 9-8 grades. Other academic successes included a 5[th] form student achieving an A* in A Level Maths.

In hockey the girls won the U18 Berkshire league for the third year running and were also crowned U15 Oxfordshire champions. The 1[st] VII netball team went one better this year, winning the Berkshire B league and the 2[nd] VII won the Berkshire C tournament.

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (Continued)

In rugby the 1[st] XV had an unbeaten regular season finishing 11th nationally in the 1st XV Schools Performance Table and finishing in the top 25 schools nationally in the Daily Mail Schools Trophy Merit League. The Sevens Squad had a successful season with the 1[st] VII being crowned the Next Phase Sevens winners and the U16 winning the Gordon’s Sevens tournament with a winning try off the final play. The squad again enjoyed a tour to Ireland and floodlit games against the London Oratory at Grasshoppers and Pangbourne at Henley RFC. The club had 8 pupils on performance pathways, mainly with Gloucester but also with other clubs including Bath, Ealing and Harlequins. Old Oratorians continued to play for various clubs including Henley, Abbey, The RAMS locally and also overseas.

In football the U15 team finished third in their extremely competitive league and the 1[st] team won an inaugural floodlit match against Shiplake. A student represented Wales at U15 football against Croatia and we had around 7 pupils who are on performance pathways with Woodcote FC, Thatcham FC, Reading Town FC and Watlington FC.

Rowing is a hugely successful coeducational sport with some 70 students training regularly and the school has recently invested in some new boats. Unfortunately the rowing year was disrupted by flooding but, once the crews were able to return to the water, the first ever Girls’ eight represented the school at the National Schools Regatta. We were delighted to welcome triple Olympian and Olympic silver medallist, Vicky Thornley, as the speaker at our Boat club dinner.

In racquets we had many firsts and triumphs. In squash we played our first ever U16 girls’ fixture and in Badminton we achieved second place in the STORB. In Real Tennis, we had the highest representation at the World Real Tennis Championships in Bordeaux and a 5[th] Form pupil achieved the remarkable feat of becoming U17 & U19 French Open Champion. Together with a partner, he also won the U16 National Doubles Championship. We also won the U18, U18 Girls & U15 Berkshire Schools tournament. A student in the 2nd Form achieved significant success in 2 sports, becoming the Springs Golf Ladies Champion as well as, in tennis, winning the U13s and 3rd place in the #thenproglobaljuniortour as well as representing Oratory Tennis and Golf - recently winning one of the SchoolsGolfTour competitions.

There were again strong cricket performances, a highlight being the 1[st] X1 beating the MCC for the second year in succession when we fundraised for the Ruth Strauss Foundation. We were one of the top fundraisers for the #RedforRuth Day, the reward for which is a day’s coaching at Lords. Several pupils, both boys and girls, received county and academy recognition, notably with Oxfordshire and Berkshire

Golf has been reintroduced into the school’s sporting offering with entry into the School Tour and HMC Schools’ teams events and an overseas tour planned for the coming year. Demonstrating the breadth of opportunities available at The Oratory, students represented the school at the National Indoor Skiing championships and at showjumping events.

The Drama Department put on three major productions during the year. In Michaelmas term the 5th and 6[th] Form performed The Curious Incident of the Dog in the Night Time. In Lent term the whole school production was the musical Oliver! and in Trinity term, the junior production was 'The lion, the Witch and the Wardrobe, both of which were performed to local primary and prep schools. As well as performing onstage, students also contribute on the technical side, in lighting and sound, and backstage.

The Music Department has been typically busy this year, with the annual St Cecilia-tide being a particular highlight, featuring Vaughan-Williams’ much-loved Five Mystical Songs. The annual Jazz Night this year featured star jazz trumpeter Mark Armstrong as a guest soloist and our Consort were fortunate to have sung choral Evening Prayer at Magdalen College, Oxford, jointly with their Chapel Choir. The regular Thursday recitals have been particularly strong during the course of the academic year and these were rounded off in significant style with a sixth form student giving a stunning solo recital of Romantic piano repertoire.

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

The Duke of Edinburgh Award has had another successful year with 4 pupils completing their Gold Award by the end of their Upper 6[th] Year and another 2 former pupils having completed after leaving the school. Gold, Silver and Bronze expeditions were completed with around 60% of the 3[rd] Form opting into the Bronze Award.

The activity programme continued to offer a range of experiences, including Cookery lessons at Pavilion Foods, Henley, clay-pigeon shooting at the Royal Berkshire Shooting School and Climbing at Parthian Climbing Reading. A girls-only High Intensity Training session is now being offered alongside rowing ergos, strength and conditioning and weights sessions as part of our provision for elite sports students.

The Boarders' Sunday activity programme provided an exciting range of opportunities throughout the year to the full boarders and any other pupil wishing to join with old favourites such as Paintballing, mini-golf, cinema and shopping trips alongside Dragon Boating and Ice-Skating.

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.

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 school has had another successful year raising money for a host of national charities, including Marie Curie, Save the children, MacMillan, CAFOD and Aid to the Church in Need. The school ran a series of successful Doughnut sales and evening socials to raise money for Style Acre, a local charity for young people and adults with Autism.

In 2023/24 there were 65 pupils (17% of pupils, 68 in 2022/23) 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, musical and dramatic ability as well as all round achievement. Scholarships are awarded by the Head following examination and review.

The fees funded by the school through means-tested bursaries amounted to £948,898 or 7.8% of gross fees (£936,487 or 8.2% in 2022/23).

Community engagement saw Oratory pupils volunteer at Checkendon and Woodcote Primaries and at Huntercombe Care Home. We have continued to support our local partnership schools (St Anne's & St Martin's Caversham and Checkendon primary school) with transport to both Oratory events and local events and trips, helping to reduce charges to parents of these schools. The school has also supported clubs and activities at Langtree School with a shared Drama workshop and a Latin club. The school has hosted a number of Langtree partnership primary school competitions in addition to our own primary school events and use of the swimming pool, giving access to over 10 primary schools to our facilities.

Members of the School’s senior staff were on the governing bodies of five local primary schools including two local Catholic primaries in the Archdiocese of Birmingham.

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2024

PUBLIC BENEFIT (continued)

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

FINANCIAL REVIEW

The consolidated net movement in funds before actuarial gains and losses was £267,781 (£1,334,986 in 2023) which includes profit on the disposal of surplus properties of £281,810 (£978,142 in 2023).

Staff costs continue to be the largest expense and there was an impact from the marked increase in the national living wage. Fortunately, the school negotiated lower prices on energy contracts during the year but other costs, including repairs and food costs, suffered from relatively high inflation.

During the year Oratory Trading Limited generated a surplus of £287,303 (2023 £202,622) before making a donation to the School of £203,665 (2023 £102,675). The trading results are set out in Note 6.

Capital expenditure during the year was focused on sustainability projects with investment in solar panels and the installation of electric car charging points.

At the end of the year the school had a £200k loan outstanding with Oratory Schools Foundation and a shortterm loan relating to the purchase of cricket nets. After the year end the school entered into a £1.5m loan with Handelsbanken secured on the school’s residential property portfolio.

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.

RESERVES POLICY

Total funds held by the Association at the end of the year are £11,101,210 (2023: £10,863,429). Of the total funds, £73,517 (2023: £55,777) are restricted funds which are explained in more details in Note 20 to the financial statements but are not available for the general purposes of the charity. £12,039,172 (2023: £12,413,374) of total funds (net assets held by the Association) relate to functional fixed assets for the Association’s own use.

Free reserves are calculated as total funds reduced by restricted funds, designated funds and functional fixed assets for the Association’s own use. There were no free reserves for the group at the year-end.

The Trustees’ aim is to hold funds which are sufficient, but not excessive, in order to fund operational requirements and future development. The Trustees’ policy is to hold free reserves equivalent to three months’ annual expenditure. Budgeted annual expenditure for 2024/25 is £9.8m and hence the policy would require free reserves of £2.4m.

The Trustees monitor working capital to ensure that the school’s financial obligations can be met. Working capital needs are met by school fees received together with planned borrowings.

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

FOR THE YEAR ENDED 31 AUGUST 2024

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 towards an All-weather pitch. An ongoing campaign has been Heart speaks to Heart which raises money for the provision of bursaries. The School plans to launch a new fundraising campaign in 2024/25 with the aim of raising money for capital expenditure and setting up a bursary endowment fund.

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 5-7 years.

Future development plans include:

RISK MANAGEMENT

The governors are responsible for the management of the risks faced by the School and the Risk Register is reviewed at every Full Governors’ meeting. Risks are identified, assessed and controls established throughout the year.

The key controls used by the Association include:

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

RISK MANAGEMENT

The Risk Register covers areas 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, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on their behalf by:

................................................

Mr F P Gargent

Chair

Date: 3 December 2024

Page 11

Crowe U.K. LLP

Chartered Accountants Member of Crowe Global R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ, 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 2024 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.

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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 11, 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.

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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, UK 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 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.

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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 R+ Building 2 Blagrave Street Reading RG1 1AZ

Date: 3 December 2024

Page 15

THE ORATORY SCHOOLS ASSOCIATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Notes
INCOME FROM:
Income from Charitable Activities
School fees receivable
4
Ancillary trading income
5
Donations and grants
Other Trading Activities:
Raising funds - Trading income
6
Other income
Profit on disposal of Assets
7
7
TOTAL INCOME
EXPENDITURE ON:
Raising funds – Trading expenditure
6
Charitable activities:
Charitable activities
8
Finance costs
8
TOTAL EXPENDITURE
8
NET INCOME/(EXPENDITURE)
9
OTHER RECOGNISED GAINS/(LOSSES):
Actuarial (losses) on defined benefit pension
schemes
23
Pension Surplus not recognised
23
NET MOVEMENT IN FUNDS:
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Restricted
Funds
-
11,488
7,000
-
-
-
18,488
-
748
-
748
17,740
-
-
17,740
55,777
73,517		 Unrestricted
Funds
9,410,290
678,042
33,392
555,471
-
281,810
10,959,005
268,168
10,428,438
12,358
10,708,964
250,041
(22,000)
(8,000)
220,041
10,807,652
11,027,693		 Total
2024
£
9,410,290
689,530
40,392
555,471
-
281,810
10,977,493
268,168
10,429,186
12,358
10,709,712
267,781
(22,000)
(8,000)
237,781
10,863,429
11,101,210		 Total
2023
£
8,810,653
599,988
87,749
439,558
50,000
978,142
10,966,090
236,936
9,339,260
54,908
9,631,104
1,334,986
-
-
1,334,986
9,528,443
10,863,429

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

The notes on pages 20 to 39 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 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible fixed assets 13 12,039,172 12,413,374
CURRENT ASSETS
Stock 45,924 44,128
Debtors 15 963,979 549,989
Cash at bank and in hand 1,138,410 963,089
2,148,313 1,557,206
CREDITORS: Amounts falling due
within one year 16 (2,599,674) (2,788,891)
NET CURRENT (451,361) (1,231,685)
ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES 11,587,811 11,181,689
CREDITORS: Amounts falling
due after more than one year 17 (486,601) (318,260)
NET ASSETS EXCLUDING
PENSION LIABILITY 11,101,210 10,863,429
Defined benefit pension scheme
liability 23 - -
TOTAL NET ASSETS 11,101,210 10,863,429
CHARITY FUNDS
Restricted funds 20 73,517 55,777
Unrestricted funds
Unrestricted funds excl pension 20 11,027,693 10,807,652
Pension reserve 20 - -
Total unrestricted funds 20 11,027,693 10,807,652
TOTAL FUNDS 27 11,101,210 10,863,429

The surplus/(deficit) in relation to the School only was £154,142 ( 2023: £1,235,039) .

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

……………….

F P Gargent

Date: 3 December 2024

J R W Wilder

The notes on pages 20 to 39 form part of these financial statements

Page 17

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) REGISTERED NUMBER: 00259021 COMPANY BALANCE SHEET 31 AUGUST 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible fixed assets 13 12,037,295 12,410,694
Investments 14 10,001 10,001
12,047,296 12,420,695
CURRENT ASSETS
Stock 43,824 42,101 42,101
Debtors 15 765,496 494,962
Cash at bank and in hand 966,996 708,519
1,776,316 1,245,582 1,245,582
CREDITORS: Amounts falling due
within one year 16 (2,533,984) (2,699,132)
NET CURRENT ASSETS/(LIABILITIES) (757,668) (1,453,550)
TOTAL ASSETS LESS CURRENT
LIABILITIES 11,289,628 10,967,145
CREDITORS: Amounts falling
due after more than one year 17 (486,601) (318,260)
NET ASSETS EXCLUDING
PENSION LIABILITY 10,803,027 10,648,885
Defined benefit pension scheme
liability 23 - -
TOTAL NET ASSETS 10,803,027 10,648,885
CHARITY FUNDS
Restricted funds 73,517 55,777
Unrestricted funds
Unrestricted funds excl pension asset 10,729,510 10,593,108
Pension reserve - -
Total unrestricted funds 10,729,510 10,593,108
TOTAL FUNDS 27 10,803,027 10,648,885

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

F P Gargent Ate Date: 3 December 2024

J R W Wilder

The notes on pages 20 to 39 form part of these financial statements

Page 18

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024

Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
21
Cash flows from investing activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash 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 provided by/(used in) 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		 2024
£
(113,543)
373,000
(217,824)
155,176
-
(30,617)
(30,617)
542,413
(378,108)
164,305
175,321
963,089
1,138,410		 2023
£
854,272
990,369
(406,806)
583,563
55,165
(1,210,282)
(1,155,117)
375,018
(676,629)
(301,611)
(18,893)
981,982
963,089

The notes on pages 20 to 39 form part of these financial statements

Page 19

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 00259021 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.

From 1[st] March 2023 the School became VAT registered (registration number 443203826).

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 funds before actuarial movements of £267,781 (2023: £1,334,986) and net current liabilities of £451,361 (2023: £1,231,685) . Income from school fees has increased during the year with pupil numbers remaining steady and the school is developing its additional sources of revenue with Trading income again increasing year-on-year. Since the year end the school has entered into a £1.5m bank loan repayable in 5 years and 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 20

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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.

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 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 21

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES (continued)

i) 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 20.

j) 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

k) 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 22

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES (continued)

l) Operating leases

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

m) Stocks

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

n) 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 within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

o) 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.

p) 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.

q) 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.

r) 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.

s) 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 23

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES (continued)

t) 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.

u) 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.

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.

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 23.

Page 24

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

4.
Fees receivable
Gross fees
Less scholarship and bursaries
Registration fees and forfeited deposits
5.
Ancillary trading income		 Total
Funds
2024
£
12,167,811
(2,792,943)
9,374,868
35,422
9,410,290		 Total
funds
2023
£
11,412,556
(2,742,057)
8,670,499
140,154
8,810,653
External course and sports tuition
Trips
Exams
Digital device income
Miscellaneous income
Transport Income
School fees protection insurance		 Total
Funds
2024
£
141,192
167,446
448
56,635
210,902
111,955
952
689,530		 Total
funds
2023
£
225,774
172,898
738
23,529
67,918
107,971
1,160
599,988

Page 25

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

6. 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
Cost of sales
Gross profit
Admin costs
Operating profit
Gift Aid Paid
Profit transferred to reserves
Net assets		 2024
£
555,471
(132,775)
422,696
(135,393)
287,303
(203,665)
83,638
308,181		 2023
£
439,558
(115,049)
324,509
(121,887)
202,622
(102,675)
99,947
224,543

An amount of £203,665 (2023: £102,675) 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 2024.

Page 26

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

7. Other incoming resources

Other Income
Profit on disposal of fixed assets
8.
Analysis of expenditure by type		 Unrestricted
funds
2024
£
-
281,810
281,810		 Total
Funds
2024
£
-
281,810
281,810		 Total
funds
2023
£
50,000
978,142
1,028,142
Staff
Costs
Other
costs
2024
2024
£
£
Teaching costs
3,715,788
885,565
Welfare
1,002,092
504,112
Premises
532,633
1,229,960
Governance
-
32,630
Transport
32,089
190,096
Trips
-
143,672
Support
906,657
753,859
Charitable activities
6,189,259
3,739,894
Finance
-
12,358
Trading expenditure
24,354
243,011
Total 2024
6,213,613
3,995,263
Total 2023
5,595,950
3,565,748
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		 Depreciation
costs
Total
Funds
2024
2024
£
£
71,154
4,672,507
2,759
1,508,963
426,120
2,188,713
-
32,630
-
222,185
-
143,672
-
1,660,516
500,033
10,429,186
-
12,358
803
268,168
500,836
10,709,712
469,406
9,631,104
2024
£
500,836
19,455
1,350		 Total
funds
2023
£
4,224,011
1,452,684
2,005,524
46,250
140,489
154,991
1,315,311
9,339,260
54,908
236,936
9,631,104
2023
£
469,406
18,720
3,275

9. Net income/expenditure

Page 27

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

10. Staff costs

Wages and salaries
Social security costs
Pension contributions		 Group
2024
£
5,196,828
477,594
539,191
6,213,613		 Group
2023
£
4,689,440
422,499
484,011
5,595,950		 Company
2024
£
5,172,474
477,594
539,191
6,189,259		 Company
2023
£
4,682,353
422,499
484,011
5,588,863

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
2024
No
74
28
34
15
151		 Group
2023
No
75
28
32
13
148

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

Group Group
2024 2023
No No
In the band £60,001 - £70,000 12 6
In the band £70,001 - £80,000 4 -
In the band £80,001 - £90,000 1 -
In the band £100,001 - £110,000 1 -
In the band £120,001 - £130,000 - 1
In the band £140,000 - £150,000 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 £470,102 ( 2023: £422,810 ).

During the period redundancy payments were made of £5,177 ( 2023: £14,730 ).

Page 28

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

11. 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 £154,142 (2023: £1,235,039) .

12. Governors' remuneration and expenses

During the year ended 31 August 2024, no Governors received any remuneration or other benefits (2023 - £Nil).

During the year ended 31 August 2024, 1 Governor was reimbursed travel expenses totalling £20 (2023 2 Governors totalling £297) .

13. Tangible fixed assets

Group
Cost or valuation
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Land and
buildings
£
19,107,823
-
(166,811)
18,941,012
7,551,358
384,314
(75,621)
7,860,051
11,080,961
11,556,465		 Building
improvements
£
5,815,652
93,597
(30,744)
5,878,505
5,219,543
17,325
(30,744)
5,206,124
672,381
596,109		 Plant and
equipment
£
4,151,962
124,227
(1,648,106)
2,628,083
3,891,162
99,197
(1,648,106)
2,342,253
285,830
260,800		 Total
£
29,075,437
217,824
(1,845,661)
27,447,600
16,662,063
500,836
(1,754,471)
15,408,428
12,039,172
12,413,374

Page 29

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

13. Tangible fixed assets (continued)

Company
Cost or valuation
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Land and
buildings
£
19,107,823
-
(166,811)
18,941,012
7,551,358
384,314
(75,621)
7,860,051
11,080,961
11,556,465		 Building
improvements
£
5,815,652
93,597
(30,744)
5,878,505
5,219,543
17,325
(30,744)
5,206,124
672,381
596,109		 Plant and
equipment
£
4,075,925
124,227
(1,648,106)
2,552,046
3,817,805
98,394
(1,648,106)
2,268,093
283,953
258,120		 Total
£
28,999,400
217,824
(1,845,661)
27,371,563
16,588,706
500,033
(1,754,471)
15,334,268
12,037,295
12,410,694

Included in land and buildings is freehold land at cost of £191,800 (2023: £191,800) 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 30

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

14. Fixed asset investments

Investments in subsidiary companies £

Company
Cost of Investment
At 1 September 2023
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 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 results and assets of Oratory Trading Limited can be seen in note 6.

Academy Catering Limited was dormant throughout the period and has net assets of £10,000.

Page 31

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

15. Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
792,040
-
96,337
75,602
963,979		 Group
2023
£
368,404
-
81,096
100,489
549,989		 Company
2024
£
526,685
66,872
96,337
75,602
765,496		 Company
2023
£
164,932
149,335
81,096
99,599
494,962

16. Creditors: Amounts falling due within one year

Bank and other loans
Deposits
School fees received in advance
Advance fee scheme (see note 19)
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
7,654
722,267
892,745
304,385
331,700
131,520
74,417
134,986
2,599,674		 Group
2023
£
30,617
703,293
986,279
316,075
368,163
120,865
78,732
184,867
2,788,891		 Company
2024
£
7,654
722,267
892,745
304,385
289,751
120,350
74,417
122,415
2,533,984		 Company
2023
£
30,617
703,293
986,279
316,075
299,349
107,749
78,732
177,038
2,699,132

Page 32

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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

Group
Group
2024
2023
£
£
Advance fee scheme (see note 19)
286,601
110,606
Other loans
200,000
207,654
486,601
318,260
18.
Loan Maturity
Less than one year:
More than one year but less than two years:
More than two years but less than five years:
After 5 years:
Balance at 31 August 2024
19.
Analysis of advance fee scheme
Due:
Between two to five years
Due within one year
Balance at 31 August 2024
The balance represents the accrued liability under the contracts.
The movements during the year were:
Balance at 1 September 2023
New contracts
Amounts utilised in the payment of fees
Balance at 31 August 2024		 Group
Group
2024
2023
£
£
Advance fee scheme (see note 19)
286,601
110,606
Other loans
200,000
207,654
486,601
318,260
18.
Loan Maturity
Less than one year:
More than one year but less than two years:
More than two years but less than five years:
After 5 years:
Balance at 31 August 2024
19.
Analysis of advance fee scheme
Due:
Between two to five years
Due within one year
Balance at 31 August 2024
The balance represents the accrued liability under the contracts.
The movements during the year were:
Balance at 1 September 2023
New contracts
Amounts utilised in the payment of fees
Balance at 31 August 2024		 Company
2024
£
286,601
200,000
486,601
2024
£
7,654
-
200,000
-
207,654
2024
£
286,601
304,385
590,986
2024
£
426,681
542,413
(378,108)
590,986		 Company
2023
£
110,606
207,654
318,260
2023
£
30,617
7,654
100,000
100,000
238,271
2023
£
110,606
316,075
426,681
2023
£
728,292
375,018
(676,629)

426,681

Page 33

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

20. Statement of funds

Statement of funds – current year

Unrestricted
Funds
Pension reserve
Total Unrestricted
Funds
Restricted Funds
Harold Hood
Other grants
All weather pitch
Total
Restricted
Funds
Total of funds		 Balance at
1
September
2023
£
10,807,652
-
10,807,652
5,777
-
50,000
55,777
10,863,429		 Income
£
10,959,005
-
10,959,005
7,000
11,488
-
18,488
10,977,493		 Expenditure
£
(10,708,964)
-
(10,708,964)
(748)
-
-
(748)
(10,709,712)		 Gains/
(losses)
£
-
(30,000)
(30,000)
-
-
-
-
(30,000)		 Transfers
£
(30,000)
30,000
-
-
-
-
-
-		 Balance at
31 August
2024
£
11,027,693
-
11,027,693
12,029
11,488
50,000
73,517
11,101,210

Page 34

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

20. Statement of funds (continued)

Statement of funds - prior year
Balance at 1
September
2022
Income
£
£
Unrestricted Funds
9,528,443
10,851,077
Pension reserve
-
-
Total
Unrestricted
Funds
9,528,443
10,851,077
Restricted Funds
Harold Hood
-
7,000
Other grants
-
5,000
All weather pitch
-
50,000
Total
Restricted
Funds
-
62,000
Total of funds
9,528,443
10,913,077

Reconciliation of net movement in funds to
Net income/expenditure for the year
Adjustments for:
Depreciation charges
Profit on sale of fixed assets
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase in creditors
Pension FRS 102 adjustment
Net cash provided by operating activities		 Expenditure
Gains/
(losses)
Transfers
£
£
£
(9,571,868)
-
-
-
-
-
(9,571,868)
-
-
(1,223)
-
-
(5,000)
-
-
-
-
-
(6,223)
-
-
(9,578,091)
-
-
net cash flow from operating activities
Group
2024
£
267,781
500,836
(281,810)
(1,796)
(413,990)
(154,564)
(30,000)
(113,543)		 Transfers
£
-
-		 Balance at
31 August
2023
£

10,807,652
-
10,807,652

5,777

-
50,000
55,777
10,863,429
Group
2023
£
1,334,986
469,406
(978,142)
(19,827)
31,752
16,097
-
854,272
-
-
-
-
-
-

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

Page 35

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

22. Analysis of changes in net debt

Cash at bank and in hand
Loans
Advance fees
Closing net debt		 At 1
September
2023
£
963,089
(238,271)
(426,681)
298,137		 Cash
flows
£
175,321
30,617
(164,305)
41,633		 At 31
August
2024
£
1,138,410
(207,654)
(590,986)
339,770

23. 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 2023 by a qualified actuary. 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
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
2024
%
4.95
3.15
2.55
At 31
August
2024
Years
19.3
20.5
23.2
24.7		 At 31
August
2023
%
5.35
3.35
2.65
At 31
August
2023
Years
21.4
22.7
23.3
24.8

Page 36

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

23. Pension commitments (continued)

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

With-profits policies The actual return on scheme assets was (-£20,000) (2023: - £34,000) .

At 31
August
2024
£
230,000		 At 31
August
2023
£
213,000

The amounts recognised in the Consolidated statement of financial activities are as follows:

2024
£
Net interest charge
-
Total amount recognised in the Consolidated statement of
financial activities
-
Defined benefit asset
2024
£
Fair value of plan assets
230,000
Present value of funded obligations
(147,000)
83,000
Movements in the present value of the defined benefit obligation were as follows:
2024
£
Opening defined benefit obligation
138,000
Interest cost
7,000
Actuarial losses/(gains)
2,000
Closing defined benefit obligation
147,000
Movements in the fair value of the Group's share of scheme assets were as follows:
2024
£
Opening fair value of scheme assets
213,000
Interest income
12,000
Actuarial (losses)
(20,000)
Employer contributions
25,000
Derecognition of surplus
(83,000)
Closing fair value of scheme assets
147,000		 2023
£
-
-
2023
£
213,000
(138,000)

75,000
2023
£
154,000
7,000
(23,000)
138,000
2023
£
213,000
10,000
(34,000)
24,000
(75,000)
138,000

Page 37

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

24. Operating lease commitments

At 31 August 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5
years
Later than 5 years		 Group
2024
£
96,025
156,203
-
252,228		 Group
2023
£
53,022
42,986
-
96,008		 Company
2024
£
94,158
156,203
-
250,361		 Company
2023
£
46,760
39,063
-
85,823

25. Capital Commitments

At the year-end there were no (2023: £Nil) capital commitments.

26. 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 (2023: £200,000) owed to The Oratory Schools Foundation.

Close family members of key management personnel received remuneration of £159,580 (2023: £91,734).

During the period, a Governor donated £Nil towards Bursaries (2023: £180) .

There were amounts paid to Independent Schools Bursars Association (ISBA), for which a Governor is also a director, in respect of conference and membership fees of £2,323 (2023: £780).

There were amounts paid to Goring Hardware for which a Governor is also a director, in respect of estates equipment £251 (2023: £95) .

There were also amounts paid to Hobbs of Henley for which a Governor is also a director of £360 (2023: Nil).

Page 38

THE ORATORY SCHOOLS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

27. Analysis of net assets between funds

Fixed
Assets
£
Restricted Funds
-
Unrestricted Funds
12,039,172
12,039,172
2023 Comparative of net assets between funds
Fixed
Assets
£
Restricted Funds
-
Unrestricted Funds
12,413,374
12,413,374		 Net Current
Assets
£
73,517
(524,878)
(451,361)
Net Current
Assets
£
55,777
(1,287,462)
(1,231,685)		 Long Term
Liabilities
£
-
(486,601)
(486,601)
Long Term
Liabilities
£
-
(318,260)
(318,260)		 Total
2024
£
73,517
11,027,693
11,101,210
Total
2023
£
55,777
10,807,652
10,863,429

Page 39