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← The Oratory Schools Association

2025-08-31-accounts

Registered number: 00259021 Charity number: 309112

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Governors and advisers 1 - 2
Governors' report 3 - 14
Independent auditors' report on the financial statements 15 - 18
Consolidated statement of financial activities 19
Consolidated balance sheet 20 - 21
Company balance sheet 22 - 23
Consolidated statement of cash flows 24
Notes to the financial statements 25 - 49

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

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 2025. 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:

Governors Mr F P Gargent, Chair1
Col (ret'd) T Bonas (appointed 1 September 2025)1
Mrs K M Carberry-Long
Mrs G Collicutt1
Mr M Dent
Mr J R B Hobbs1
Mr P J D Hobley (retired 31 August 2025)1
Mrs M-P Lo (appointed 1 September 2025)
Mr P J McDonald1
Mr J Rawlings
Mrs G Rigg
Fr D Seward
Mrs A Shields (member of the Finance & Estates Committee to 31 August 2025)
Mrs J Smith
Mr J R W Wilder1
Mrs G E Ronksley

1 Members of Finance & Estates 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.

Page 1

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

EXECUTIVE LEADERSHIP TEAM

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

Dr J Murphy served as Head until 2 April 2025, having commenced a period of garden leave on 6 January 2025. Mr M B Fogg was appointed Acting Head from 6 January 2025 and subsequently became Head on 3 April 2025.

Mr M. P. Syddall was appointed Second Master on 1 April 2025.

Company registered
number 00259021
Charity registered
number 309112
Registered office The Oratory School
Woodcote
Reading
Berkshire
RG8 0PJ
Company secretary F J Yates
Independent auditors Crowe U.K. LLP
R+ Building
2 Blagrave Street
Reading
Berkshire
RG1 1AZ
Bankers Lloyds Bank Plc
Reading
Berkshire
RG1 2BT
Insurance Broker Pib Group
Poppleton Grange
Low Poppleton Lane
York
YO26 9GZ

Page 2

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

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

a. 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.

b. Principal activities

The Oratory School is a co-educational boarding and day school for pupils aged from 11 to 18. In 2024/25 the school had an average of 340 pupils, a third of whom were boarders and a third girls.

GOVERNANCE AND MANAGEMENT

a. 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.

b. 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.

Page 3

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

GOVERNANCE AND MANAGEMENT (continued)

c. 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 at least 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.

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.

Page 4

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

GOVERNANCE AND MANAGEMENT (continued)

d. 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 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, both financial and with time, we greatly appreciate.

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

STRATEGIC REPORT

a. 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.’

b. STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES

On 1 November 2025, Pope Leo XIV proclaimed our Founder, Saint John Henry Newman, a Doctor of the Church and co-patron, with Saint Thomas Aquinas, of Education. Being proclaimed a Doctor of the Church is the Church’s recognition that a saint’s teaching and wisdom not only resonated with their own contemporaries, but still illuminates, instructs and inspires today. In particular, it inspires our Strategic priorities. These are:

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

c. ACHIEVEMENTS AND PERFORMANCE

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The School was inspected by the Independent Schools Inspectorate (ISI) in February 2025. ISI recently made the decision to remove one word grade descriptors from their reports and have instead decided to focus on whether a school fully meets all of the Independent School standards. The Inspectors concluded that The Oratory School is compliant in all areas. This is a wonderful endorsement of our Oratory values and all that has been done to develop the academic, pastoral and co-curricular life of the school over the last few years.

We were pleased to note significant improvement at A level with the school being ranked amongst the top 25% of schools nationally for value added. 50% of students achieved A/A in Chemistry, 100% A-B in Design, 100% A-B in RS, 88% A-B in Photography, and 80% A* to B in Politics. 92% of students achieved their choice of university with destinations including Imperial College London, Durham University and University of Edinburgh and overseas destinations including IE Madrid.

At GCSE there was also significant improvement. 78% 9-7 in Physics, 72% 9-7 in Chemistry, 58% 9-7 in Art, 56% 9-7 in Biology, and 52% 9-7 in both Design and History. Our grades 9-4 were 20% above the national average. Again the school was ranked in the top 25% nationally for value added and a number of subjects were ranked in the top 10% (Art, Design, Chinese, English Language, Science, History, Maths, and Music).

There were notable triumphs in racquets in the year and the senior squad enjoyed a memorable tour to the USA in 2024, visiting Philadelphia, Washington & Boston. This was complemented by an annual domestic junior rackets tour to Cambridge & East Anglia. In Real Tennis, pupils continued to impress on court benefiting from coaching from the current Ladies’ world champion. Our L6th pupil continued his remarkable success as he defended his U19 French Open title, as well as pairing with another L6th to win the U18 National Schools Doubles title - the most coveted in schools tennis. He was runner up in the U18 British Open Singles, whilst being selected for the GB squad. In badminton we played more mixed and girls' fixtures and achieved third place in the STORB Cup.

In hockey the girls won the U18 Berkshire league for the fourth year running and the 2nd X1 also won their hockey league. The U16 XI came runners up in the County Tournament and two teams enjoyed a hockey tour to Valkenburg in Holland. The Netball squads continue to play in the local leagues (1st -3rds) with pupils also representing local clubs.

In rugby the 1st XV won the Berkshire County Cup and the U14s made the final. The 1st XV also had an impressive run in the Schools Cup and the sevens squad had a successful season with the 1st VII retaining the NextGen Sevens trophy and winning the Berkshire County Sevens tournament. The senior rugby squad again enjoyed a tour to Ireland and floodlit games against the London Oratory at Grasshoppers and Pangbourne at RAMS RFC. The club had a good number of pupils on performance pathways and an U6 pupil represented the Independent Schools Lambs XV. For only the second time, we took an U18 Girls’ Sevens side to Rosslyn Park. We were delighted to welcome Ayoola Erinle, an Old Oratorian and former England International, as our speaker at the annual Rugby Club dinner.

In football the school continues to play in the Central Independent League. A student represented Wales at U15 football and we had around 7 pupils who are on performance pathways with Woodcote FC, Thatcham FC, Reading Town FC and Watlington FC.

With flooding disrupting much of October to March, it is indicative of huge spirit and determination that a keen group of rowers has developed from over 60 students who have been members of the squad during the year. Girls’ rowing continues to grow in popularity and this was the first season that the school has seen boys’ and girls’ Eights compete at the Schools Head Race, a challenging 7km course. In the summer term crews of all types have raced at The Ball Cup Regatta, Dorney Lake, Marlow Town Regatta and Thames Valley Park Regatta.

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THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

There were again strong cricket performances, a highlight being the 1st X1 beating the MCC for the third year in succession when we fundraised for the Ruth Strauss Foundation, again being one of the top fundraisers for the #RedforRuth Day, the reward for which is a day’s coaching at Lords for some of our pupils. The highlight of our annual Cricket week was the individual score record being beaten after 28 years.

Golf is firmly established into the school’s sporting offering and the players enjoyed a successful tour to Portugal at Christmas. We are actively playing in the Golf Schools’ Tour and HMC Foursomes and are hosting individual home fixtures this year at our 9 hole golf course. Skiing has continued to grow with pupils entering the Independent School Associations’ championships, coming second in both age categories.

In drama, the school put on two major productions last year in the shape of The Crucible and Peter Pan. Pupils also performed as part of their GCSE and A level drama qualifications and strong results were achieved in LAMDA exams including 15 distinctions and 5 merits with 2 distinctions being awarded for the Gold Medal exam (Grade 8).

The Music Department has been typically busy this year, with the annual St Cecilia-tide being a particular highlight, featuring Malcolm Archer’s setting of the Requiem, as well as performances from the Orchestra and from a number of soloists. Jazz Night this year returned to the refectory and we were treated to a wonderful evening of good food, great company and excellent music. It was a pleasure to have the Oratory Prep School Jazz Band perform as part of this. On the same day, we hosted a jazz workshop for local primary schools, fantastically led by the highly renowned jazz trumpeter, Mark Armstrong. The regular Thursday evening recitals have been particularly strong during the course of this academic year and these were rounded off in significant style by a 6th Form singer giving a performance of his ARSM diploma programme, in which he achieved a welldeserved Distinction.

The Duke of Edinburgh's Award continues to go from strength to strength at The Oratory, with all 3 levels now firmly embedded within the school programme. Approximately 75% of pupils in the 3rd Form sign-up for Bronze and approximately 40% of pupils in the 4th Form sign-up for Silver. We are very pleased that another 3 pupils have completed their Gold Award in the past year and that last year's 4 Gold Award leavers had their day at the Palace in May.

During the year the school welcomed many speakers with the highlight being Vint Cerf, the Father of the internet, who spoke to the whole school and guests from the local community.

The activities programme continues to offer great value for money with over 70 activities included at no additional cost to pupils. Pupils have an enviable choice with First Aid training, STEM society, and Airfix & Modelling Club among the new arrivals. The school has worked with local groups and organisations to provide further opportunities with a Forensics club, Lego Club, Climbing and Clay-Pigeon shooting provided both on or off site.

Boarders enjoyed a fun-packed activity programme on Sundays including water sports, a Chocolate-making workshop, Escape Room and Snowboarding alongside perennial favourites of trips to Oxford and Reading, the Cinema and watching Reading Rockets basketball.

Page 8

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

d. 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 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 £987,188 or 8.9% of gross fees (£948,898 or 7.8% in 2023/24). In 2024/25 there were 69 pupils (20% of pupils, 65 in 2023/24) receiving bursaries for all or part of their fees, according to their families’ circumstances. Going forward we are creating a Bursary Fund to enable us to expand the support we can provide through bursaries, thereby allowing more pupils to access an Oratory education.

The Oratory's Community Service program continues to provide pupils with the opportunity to engage with the local community across a range of volunteering activities. Weekly visits for pupils to assist at Checkendon Primary and Shiplake Primary have been supplemented by workshops in Mandarin and Music and sport for primary schools, while Oratory pupils have also helped officiate primary sport competitions for Caversham's primary schools.

Woodcote, Goring Primary and Checkendon have swimming lessons at the school pool and the school provides transport assistance for Checkendon, St Anne's and St Martin's Caversham.

A significant number of primary schools have benefited from the range of sporting competitions run by the school and the school has supported the Langtree partnership primary school events, run by Whitchurch Primary, by hosting summer tournaments in Athletics and Tennis.

The highlight of the year was the creation of a LAMDA Leaders programme where Oratory pupils who had passed Grade 4 LAMDA or higher, acted as mentors and coaches for 10 Langtree School Pupil Premium pupils, enabling them to access the LAMDA programme. The School’s theatre is used by local primary schools for their drama performances.

The school ran a number of successful charity events across the year, raising money for Cardiac Risk in the Young, the MS Society, Save the Children, Aid to the Church in Need, Cancer Research, Macmillan and SpecialKidz, the school's local charity for 2024-25. The school hosted a triathlon with over 2,000 attendees which raised over £110,000 for the global youth charity, Restless Development, and over 30 other charities chosen by the participating schools. Other events included a 24 hour cycle ride and the Ridgeway Project, where a group of 6th formers and staff walked 40 miles in 16 hours from Ivinghoe to Goring-on-Thames.

In addition, the school organised a number of collections for a range of local charities and national charities, including Wallingford Food Bank, Berkshire Women's Refuge and CIRDIC, Churches in Reading Drop-in Centre, Football Rebooted, Precious Sight and the Children's Book Project.

Page 9

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Pupils at The School have also volunteered locally through visiting care homes on a weekly basis in Goring and Benson, and through our CCF cadets and musicians participating in community Remembrance events in Woodcote and the VE Day 80th anniversary commemoration in Goring.

Oratory staff are on the governing bodies of 5 local state primaries and provided Latin and Coding clubs at local schools.

e. FINANCIAL REVIEW

The consolidated net movement in funds before actuarial gains and losses was £223,083 (£267,781 in 2024) which includes profit on the disposal of surplus properties of £181,189 (£281,810 in 2024).

The past year has certainly been one of change for the independent school sector with the introduction of VAT on school fees from January, the loss of business rates relief in April together with changes to national insurance and the national minimum wage. We have been carefully planning for the expected VAT and business rates relief changes with ongoing tight cost control and cashflow management, enabling us to minimise as much as possible the impact on fees whilst retaining the quality of our offer. As a result, the School was able to limit the increase in the amount payable by parents to 10% in January 2025. The Consolidated statement of financial activities figures for the year include VAT for Michaelmas term and exclude VAT for Lent and Trinity terms, complicated by the mid-year introduction of VAT on independent school fees in January 2025.

During the year the Trustees of the Oratory Schools Foundation demonstrated their support of the Association’s fundraising appeal for the construction of an All Weather Pitch and transferred the assets and undertaking of the Foundation to The Association. The Trustees also released the Association from its obligations under the Loan Agreement and the Association is very grateful to the Trustees for their support.

During the year Oratory Trading Limited generated a surplus of £240,042 (2024 £287,303) before making a donation to the School of £288,558 (2024 £203,665). The trading results are set out in Note 7.

Capital expenditure during the year was focused on the All Weather pitch once planning approval had been secured in February. This project is expected to be completed in December 2025 and will be available for use both by pupils and also the community.

At the end of the year the school had 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.

Page 10

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

f. RESERVES POLICY

Total funds held by the Association at the end of the year are £11,308,293 (2024: £11,101,210). Of the total funds, £288,125 (2024: £73,517) are restricted funds which are explained in more detail in Note 21 to the financial statements but are not available for the general purposes of the charity. £11,858,159 (2024: £12,039,172) 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 2025/26 is £9.3m and hence the policy would require free reserves of £2.3m.

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.

g. 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.

The School launched a new fundraising campaign in 2024/25, focused on 3 areas being the All Weather pitch capital project, a Bursary Fund and Legacy giving. During the year we received donations totalling £552,664 for the Caritas All Weather pitch with the last push on this fundraising being the recently launched Sponsor a Square campaign. We are particularly grateful to our Oratory alumni community, including in particular the Oratory Schools Foundation, who have made significant contributions. Funds have also been pledged to our newly created Bursary Fund which will allow more pupils to benefit from an education by the Association.

h. 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.

It is pleasing to note that a number of the development plans from last year have now been achieved. Future development plans include:

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

i. 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:

The Risk Register covers areas including:

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

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

j. 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.

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THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Disclosure of information to auditors

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

Auditors

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

Approved by order of the members of the board of Governors and signed on their behalf by:

Mr F P Gargent (Chair of Trustees) Date:

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

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

Opinion

We have audited the financial statements of The Oratory Schools Association (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 August 2025 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and the related notes, 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent 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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THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee)

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' report, or strategic report.

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

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THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

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

Responsibilities of Governors

As explained more fully in the governors' responsibilities statement, the Governors (who are also the directors of the charitable company for the purposes of company law) 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.

In preparing the financial statements, the Governors are responsible for assessing the group's and the parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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. 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.

Page 17

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

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

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, and reading minutes of meetings of those charged with governance.

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 our 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 auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

THIS REPORT IS NOT YET SIGNED

Janette Joyce (senior statutory auditor)

for and on behalf of Crowe U.K. LLP

Statutory Auditor R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ

Date:

Page 18

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income from:
Donations and grants
4
Charitable activities:
School fees receivable
5
Ancillary trading income
6
Other trading activities:
Raising funds - Trading income
7
Profit on disposal of Assets
8
Bank interest
Total income
Expenditure on:
Raising funds - Trading expenditure
10
Charitable activities:
Charitable activities
9
Finance costs
9
Total expenditure
Net (expenditure)/income
Transfers between funds
21
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Actuarial gains/(losses) on defined
benefit pension schemes
Pension surplus not recognised
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
231,642
8,760,346
638,795
486,918
181,189
41,403
10,340,293
246,876
10,335,035
94,963
10,676,874
(336,581)
345,056
8,475
60,000
(76,000)
(7,525)
11,027,693
(7,525)
11,020,168		 Restricted
funds
2025
£
559,664
-
-
-
-
-
559,664
-
-
-
-
559,664
(345,056)
214,608
-
-
214,608
73,517
214,608
288,125		 Total
funds
2025
£
791,306
8,760,346
638,795
486,918
181,189
41,403
10,899,957
246,876
10,335,035
94,963
10,676,874
223,083
-
223,083
60,000
(76,000)
207,083
11,101,210
207,083
11,308,293		 Total
funds
2024
£
40,392
9,410,290
689,530
555,471
281,810
-
10,977,493
268,168
10,429,186
12,358
10,709,712
267,781
-
267,781
(22,000)
(8,000)
237,781
10,863,429
237,781
11,101,210

Page 19

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) REGISTERED NUMBER: 00259021

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
14
Current assets
Stocks
16
Debtors
17
Fixed assets held for sale
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets / (liabilites)
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 34,780
1,381,324
31,785
2,779,217
4,227,106
(3,230,281)		 2025
£
11,858,159
11,858,159
996,825
12,854,984
(1,546,691)
11,308,293
11,308,293
288,125
11,020,168
11,308,293		 45,924
963,979
-
1,138,410
2,148,313
(2,599,674)		 2024
£
12,039,172
12,039,172
(451,361)
11,587,811
(486,601)
11,101,210
11,101,210
73,517
11,027,693
11,101,210

Page 20

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) REGISTERED NUMBER: 00259021

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025

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:

Mr F P Gargent

Mr J R W Wilder

Date:

The notes on pages 25 to 49 form part of these financial statements.

Page 21

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) REGISTERED NUMBER: 00259021

COMPANY BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Fixed assets held for sale
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets / (liabilites)
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds:
Restricted funds excluding pension asset
21
Total restricted funds
Unrestricted funds
Unrestricted funds excluding pension asset
Total unrestricted funds
Total funds		 32,764
1,485,695
31,785
2,368,818
3,919,062
(3,175,802)
288,125
10,770,501		 2025
£
11,852,056
10,001
11,862,057
743,260
12,605,317
(1,546,691)
11,058,626
11,058,626
288,125
10,770,501
11,058,626		 43,824
765,496
-
966,996
1,776,316
(2,533,984)
73,517
10,729,510		 2024
£
12,037,295
10,001
12,047,296
(757,668)
11,289,628
(486,601)
10,803,027
10,803,027
73,517
10,729,510
10,803,027

Page 22

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee) REGISTERED NUMBER: 00259021

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025

The surplus/(deficit) in relation to the School only was £ 255,599 (2024 - £154,142) .

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:

Mr F P Gargent

Mr J R W Wilder

Date:

The notes on pages 25 to 49 form part of these financial statements.

Page 23

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows from operating activities
Net cash generated from/(used in) operating activities
23
Cash flows from investing activities
Proceeds from the sale of tangible 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
Cash flows from advanced fee scheme
Advance fees received
Advance fees utilised
Net cash provided by financing activities
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
24		 2025
£
771,128
424,992
(614,500)
(189,508)
1,500,000
(207,654)
85,716
(318,875)
1,059,187
1,640,807
1,138,410
2,779,217		 2024
£
(113,543)
373,000
(217,824)
155,176
-
(30,617)
542,413
(378,108)
133,688
175,321
963,089
1,138,410

The notes on pages 25 to 49 form part of these financial statements

Page 24

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. General 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, limited by guarantee (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 1st March 2023 the School became VAT registered (registration number 443203826).

2. Accounting policies

2.1 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.

2.2 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.

Page 25

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.3 Going concern

The financial statements have been prepared on a going concern basis. The Governors have considered the School’s current financial position and future cash flow projections, taking into account the expected level of pupil numbers, fee income, fundraising activities, and other income streams. They have also reviewed the School’s expenditure commitments, capital plans, and available reserves.

The School continues to maintain a strong reputation for pastoral excellence and has built on its academic success, achieving in the top 25% of schools nationally for added value at GCSE and A level this year, and has a reasonable expectation that pupil enrolment will be sustained at levels sufficient to support ongoing operational needs.

The Governors have undertaken a detailed review of forecasts for a period of at least twelve months from the date of approval of these financial statements. Based on this assessment, the Governors are satisfied that the School has adequate resources to continue to meet its obligations as they fall due.

Accordingly, the Governors consider it appropriate to prepare the financial statements on a going concern basis.

2.4 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.

2.5 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.

Page 26

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.6 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.

2.7 Grants payable

No grants are made except for scholarships and bursaries.

2.8 Pensions 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 closed to future accrual 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.

2.9 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.

Investment income, gains and losses are allocated to the appropriate fund.

Page 27

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.10 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:

2.11 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.

2.12 Operating leases

Rentals paid under operating leases are charged to the consolidated statement of financial activities on a straight-line basis over the lease term.

2.13 Stocks

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

Page 28

THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.14 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.

2.15 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.

2.16 Interest receivable

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

2.17 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 the transaction.

Exchange gains and losses are recognised in the consolidated statement of financial activities.

2.18 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.

2.19 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 29

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.20 Liabilities and provisions

Liabilities 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.

2.21 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 26.

Page 30

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4.
Income from donations
Unrestricted
funds
2025
£
Donations
231,642
Total 2024
33,392
5.
Fees receivable
Gross fees
Less scholarship and bursaries
Registration fees and forfeited deposits
6.
Ancillary trading income
External course and sport tuition
Trips
Digital device income
Miscellaneous income
Transport income
Pupil BUPA and fees protection insurance		 Restricted
funds
2025
£
559,664
7,000		 Total
funds
2025
£
791,306
40,392
Total Funds
2025
£
11,134,240
(2,455,541)
8,678,699
81,647
8,760,346
2025
£
135,742
124,057
45,195
217,943
106,798
9,060
638,795		 Total
funds
2024
£
40,392
Total Funds
2024
£
12,167,811
(2,792,943)
9,374,868
35,422
9,410,290
2024
£
141,192
167,446
56,635
211,350
111,955
952
689,530

Page 31

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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
Cost of sales
Gross profit
Administrative expenses
Operating profit
Gift Aid Paid
Profit transferred to reserves
Net assets		 2025
£
486,918
(116,717)
370,201
(130,159)
240,042
(288,558)
(48,516)
259,665		 2024
£
555,471
(132,775)
422,696
(135,393)
287,303
(203,665)
83,638
308,181

An amount of £288,558 ( 2024: £203,665 ) 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 2025.

Page 32

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8. Other incoming resources

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Profit on disposal of fixed assets 181,189 181,189 281,810

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Teaching costs
4,876,877
Welfare
1,484,566
Premises
2,091,262
Governance
52,970
Transport
175,059
Trips
125,466
Support
1,528,835
Finance
94,963
Total 2025
10,429,998
Total 2024
10,440,796		 Restricted
funds
2025
£
-
-
-
-
-
-
-
-
-
748		 Total
2025
£
4,876,877
1,484,566
2,091,262
52,970
175,059
125,466
1,528,835
94,963
10,429,998
10,441,544		 Total
2024
£
4,672,507
1,508,963
2,188,713
32,630
222,185
143,672
1,660,516
12,358
10,441,544

Page 33

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Teaching costs
Welfare
Premises
Governance
Transport
Trips
Support
Finance
Total 2025
Total 2024		 Staff costs
2025
Depreciation
2025
£
£
3,831,684
93,705
1,067,683
5,614
541,986
419,547
-
-
38,898
-
-
-
909,894
-
-
-
6,390,145
518,866
6,189,259
500,033		 Other costs
2025
£
951,488
411,269
1,129,729
52,970
136,161
125,466
618,941
94,963
3,520,987
3,752,252		 Total
2025
£
4,876,877
1,484,566
2,091,262
52,970
175,059
125,466
1,528,835
94,963
10,429,998
10,441,544		 Total
2024
£
4,672,507
1,508,963
2,188,713
32,630
222,185
143,672
1,660,516
12,358
10,441,544

10. Analysis of expenditure on trading activities

Summary by expenditure type

Trading expenditure
Total 2024		 Staff costs
2025
£
11,509
24,354		 Depreciation
2025
£
1,059
803		 Other costs
2025
£
234,308
243,011		 Total
funds
2025
£
246,876
268,168		 Total
funds
2024
£
268,168

Page 34

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. Auditors' remuneration

2025 2024
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 21,750 19,455
Fees payable to the Company's auditor in respect of:
All non-audit services not included above 4,655 1,350

12. Staff costs

Wages and salaries
Social security costs
Pension costs		 Group
2025
£
5,325,246
540,597
535,811
6,401,654		 Group
2024
£
5,196,828
477,594
539,191
6,213,613		 Company
2025
£
5,313,737
540,597
535,811
6,390,145		 Company
2024
£
5,172,474
477,594
539,191
6,189,259

The average number of persons employed by the Company, including zero hours staff, during the year was as follows:

Educational Staff
Domestics and Matron
Administrative
Maintenance and Grounds		 Group
2025
No.
73
30
39
15
157		 Group
2024
No.
74
28
34
15
151

Page 35

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. Staff costs (continued)

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

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 7 9
In the band £70,001 - £80,000 2 2
In the band £90,001 - £100,000 2 1
In the band £120,000 - £130,000 - 1
In the band £140,000 - £150,000 1 -

12 of these employees ( 2024: 13 ) accrued retirement benefits under the defined contributions benefit schemes. The contributions made by the school for these employees totalled £130,148 ( 2024: £139,211 ).

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 £547,009 ( 2024: £470,102 ).

During the period redundancy payments were made of £110,552 ( 2024: £5,177 ).

13. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 August 2025, no Governor expenses have been incurred (2024 - £20) .

Page 36

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Tangible fixed assets

Group

Cost or valuation
At 1 September 2024
Additions
Transfer to Assets Held for Sale
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Transfer to Assets Held for Sale
On disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Land and
buildings
Building
improvements
£
£
18,941,012
5,878,505
-
446,244
(76,900)
-
(315,261)
-
18,548,851
6,324,749
7,860,051
5,206,124
376,897
19,416
(45,115)
-
(71,458)
-
8,120,375
5,225,540
10,428,476
1,099,209
11,080,961
672,381		 Plant and
equipment
£
2,628,083
168,256
-
(720)
2,795,619
2,342,253
123,612
-
(720)
2,465,145
330,474
285,830		 Total
£
27,447,600
614,500
(76,900)
(315,981)
27,669,219
15,408,428
519,925
(45,115)
(72,178)
15,811,060
11,858,159
12,039,172

Page 37

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 September 2024
Additions
Transfer to Assets Held for Sale
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Transfer to Assets Held for Sale
On disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Land and
buildings
£
18,941,012
-
(76,900)
(315,261)
18,548,851
7,860,051
376,897
(45,115)
(71,458)
8,120,375
10,428,476
11,080,961		 Building
improvements
£
5,878,505
446,244
-
-
6,324,749
5,206,124
19,416
-
-
5,225,540
1,099,209
672,381		 Plant and
equipment
£
2,552,046
162,970
-
(720)
2,714,296
2,268,093
122,552
-
(720)
2,389,925
324,371
283,953		 Total
£
27,371,563
609,214
(76,900)
(315,981)
27,587,896
15,334,268
518,865
(45,115)
(72,178)
15,735,840
11,852,056
12,037,295

Included in land and buildings is freehold land at cost of £191,800 ( 2024: £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 38

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15. Fixed asset investments

Company
Cost or valuation
At 1 September 2024
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Investments
in
subsidiary
companies
£
10,001
10,001
10,001
10,001

Principal subsidiaries

The following were subsidiary undertakings of the Company:

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

Page 39

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15. Fixed asset investments (continued)

The financial results of the subsidiaries for the year were:

Names Income Expenditure Profit/(Loss) Net assets
£ £ for the year* £
£
Oratory Trading Limited 486,918 246,876 240,042 259,665
Academy Catering Limited - - - 10,000

*An amount of £288,558 ( 2024: £203,665 ) in relation to gift aid donation to the School has been eliminated on consolidation. The result for Oratory Trading Limited after the gift aid donation was a loss of £48,516 ( 2024: profit of £83,638 ).

The registered office for all subsidiaries is The Oratory School, Woodcote, Reading, Berkshire, RG8 0PJ.

The principal activity of Oratory Trading Limited is the promotion of commercial activities at The Oratory School, and the provision of external lettings.

16. Stocks

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Finished goods and goods for resale 34,780 45,924 32,764 43,824

17. Debtors

Trade debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
£
1,183,249
-
122,945
75,130
1,381,324		 Group
2024
£
792,040
-
96,337
75,602
963,979		 Company
2025
£
1,081,613
206,312
122,944
74,826
1,485,695		 Company
2024
£
526,685
66,872
96,337
75,602
765,496

Page 40

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

18. Creditors: Amounts falling due within one year

Bank and other loans
Advance fee scheme (see note 20)
Trade creditors
Deposits
Other taxation and social security
School fees received in advance
Other creditors
Accruals and deferred income		 Group
2025
£
150,000
161,136
265,541
596,403
511,626
1,237,829
70,496
237,250
3,230,281		 Group
2024
£
7,654
304,385
331,700
722,267
131,520
892,745
74,417
134,986
2,599,674		 Company
2025
£
150,000
161,136
230,492
596,403
501,382
1,237,829
70,496
228,064
3,175,802		 Company
2024
£
7,654
304,385
289,751
722,267
120,350
892,745
74,417
122,415
2,533,984

The bank loan noted above is secured by way of a legal charge over properties owned by The Oratory Schools Association.

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

Bank loans
Other loans
Advance fee scheme (see note 20)		 Group
2025
£
1,350,000
-
196,691
1,546,691		 Group
2024
£
-
200,000
286,601
486,601		 Company
2025
£
1,350,000
-
196,691
1,546,691		 Company
2024
£
-
200,000
286,601
486,601

The bank loan noted above is secured by way of a legal charge over properties owned by The Oratory Schools Association.

Included within the above are amounts falling due as follows:

Between two and five years

Advance fee scheme (see note 20) 196,691 286,601 196,691 286,601
Bank loans 1,350,000 - 1,350,000 -
Other loans - 200,000 - 200,000

Page 41

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

20. Analysis of advance fee scheme

Due:
Due within one year
Between two to five years
The balance represents the accrued liability under the contracts.
The movements during the year were:
Balance at 1 September 2024
New contracts
Amounts utilised in the payment of fees
Balance at 31 August 2025		 2025
£
161,136
196,691
357,827
2025
£
590,986
85,716
(318,875)
357,827		 2024
£
304,385
286,601
590,986
2024
£
426,681
542,413
(378,108)
590,986

Page 42

(A company limited by guarantee)

THE ORATORY SCHOOLS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21. Statement of funds

Statement of funds - current year

Unrestricted
funds
Unrestricted
funds
Pension reserve
Restricted
funds
Harold Hood
Other grants
All weather pitch
Total of funds		 Balance at 1
September
2024
£
11,027,693
-
11,027,693
12,029
11,488
50,000
73,517
11,101,210		 Income
£
10,340,293
-
10,340,293
7,000
-
552,664
559,664
10,899,957		 Expenditure
£
(10,676,874)
-
(10,676,874)
-
-
-
-
(10,676,874)		 Transfers
in/out
£
329,056
16,000
345,056
-
(11,488)
(333,568)
(345,056)
-		 Gains/
(Losses)
£
-
(16,000)
(16,000)
-
-
-
-
(16,000)		 Balance at
31 August
2025
£
11,020,168
-
11,020,168
19,029
-
269,096
288,125
11,308,293

Page 43

THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Unrestricted
funds
Pension reserve
Restricted
funds
Harold Hood
Other grants
All weather pitch
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)		 Transfers
in/out
£
(30,000)
30,000
-
-
-
-
-
-		 Gains/
(Losses)
£
-
(30,000)
(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 44

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
11,858,159
Current assets
3,938,981
Creditors due within one year
(3,230,281)
Creditors due in more than one year
(1,546,691)
Total
11,020,168		 Restricted
funds
2025
£
-
288,125
-
-
288,125		 Total
funds
2025
£
11,858,159
4,227,106
(3,230,281)
(1,546,691)
11,308,293

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
12,039,172
2,074,796
(2,599,674)
(486,601)
11,027,693		 Restricted
funds
2024
£
-
73,517
-
-
73,517		 Total
funds
2024
£
12,039,172
2,148,313
(2,599,674)
(486,601)
11,101,210

Page 45

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Profit on the sale of fixed assets
Decrease/(increase) in stocks
Increase in debtors
Increase/(decrease) in creditors
Pension FRS102 adjustment
Net cash provided by/(used in) operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
25.
Analysis of changes in net debt
At 1
September
2024
£
Cash at bank and in hand
1,138,410
Debt due within 1 year
(312,039)
Debt due after 1 year
(486,601)
339,770		 Group
Group
2025
2024
£
£
223,083
267,781
519,925
500,836
(181,189)
(281,810)
11,144
(1,796)
(417,345)
(413,990)
631,510
(154,564)
(16,000)
(30,000)
771,128
(113,543)
Group
Group
2025
2024
£
£
2,779,217
1,138,410
2,779,217
1,138,410
Cash flows
At 31
August 2025
£
£
1,640,807
2,779,217
903
(311,136)
(1,060,090)
(1,546,691)
581,620
921,390

Page 46

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

26. Pension commitments

The Oratory Schools Association Retirement & Death Benefits Scheme

The group operates a defined benefit pension 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 and updated to 31 August 2025. 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):

At 31 August At 31 August
2025 2024
% %
Discount rate 6.20 4.95
Inflation (RPI) 3.05 3.15
Inflation (CPI) 2.55 2.55
Mortality rates (in years)
- for a male aged 65 now
- at 65 for a male aged 45 now
- for a female aged 65 now
- at 65 for a female aged 45 now		 At 31 August
At 31 August
2025
2024
Years
Years
19.5
19.3
20.7
20.5
23.3
23.2
24.8
24.7

The group's share of the assets in the scheme was:

At 31 At 31 August
August 2025 2024
£ £
Fair value of plan assets 288,000 230,000

The actual return on scheme assets was £-35,000 ( 2024 - £-20,000 ).

Page 47

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

26. Pension commitments (continued)

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

Movements in the present value of the defined benefit obligation were as follows:

Opening defined benefit obligation
Interest cost
Actuarial (gains)/losses
Closed defined benefit obligation		 2025
£
147,000
7,000
(25,000)
129,000		 2024
£
138,000
7,000
2,000
147,000

Movements in the fair value of the group's share of scheme assets were as follows:

Opening fair value of scheme assets
Interest income
Actuarial gains/(losses)
Employer contributions
Derecognition of surplus
Closing fair value of scheme assets		 2025
£
147,000
12,000
35,000
11,000
(76,000)
129,000		 2024
£
213,000
12,000
(20,000)
25,000
(83,000)
147,000

27. Capital commitments

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Contracted for but not provided in these
financial statements
In relation to the all weather pitch 438,890 - 438,890 -

Page 48

THE ORATORY SCHOOLS ASSOCIATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

28. Operating lease commitments

At 31 August 2025 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		 Group
2025
£
97,605
133,479
231,084		 Group
2024
£
96,025
156,203
252,228		 Company
2025
£
73,305
81,956
155,261		 Company
2024
£
94,158
156,203
250,361

29. 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 £Nil ( 2024: £200,000 ) owed to The Oratory Schools Foundation. This was donated to the school in the year and, as such, no longer requires to be paid.

During the period, Governors donated £195 towards the All Weather Pitch fund ( 2024: £Nil ).

There were amounts paid to Goring Hardware for which a Governor is also a director, in respect of estates equipment £80 ( 2024: £251 ).

There were also amounts paid to Hobbs of Henley for which a Governor is also a director of £450 ( 2024: £360 ).

Close relatives of the School's key management personnel (KMP) were employed by the School. Their recruitment, terms of employment and salaries are consistent with other staff in similar roles, and were not influenced by the KMP with whom they are connected. All salaries are reviewed by the Bursar and the Board of Governors. The total amount paid to such employees (excluding employer pension contributions) was £76,136 (2024: £73,914 ).

Page 49