Registered Charity Number 1031550 Company Number 46014 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 *AESOAEAO• 181W2025 OMPANIES HOUSE A10 #121 Registered Office St. Nicholas, Church, Boley Hill, Rochester Kent ME1 1 SL INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY ANNUAL REPORT FOR THE YEAR ENDED 310ECEMBER 2024 ADMINISTRATIVE DETAILS TRUSTEES No Trustee had any beneficral inte￿t in the Company during 2024. The following Trustees seryed during 2024 and since the y•ar end.. The Rt. Rev. Dr. J. Gibbs The Rt. Rev. S. Burton - Jones- Chalr The Rev. N. Bourne The Rev. Dr. J. Bo￿n The Rev. R. Brislow Fr. J. Casler Mr. J. J. King Mr. L. Kings Mr. M. R. Llllle Mrs. A. Mcgarrigle Miss C. M, Boslock Mrs C. A. Hedman The Rèv. 8. S. P. Beckhelllng Mrs S. E. Thompson Mrs C. R. Johnston The R•v M J¢mmtrtt Cllr R. Evans The Lord Bishop of Rochester Bishop's nominated representativ• Co-oplion Dioc*san Synod el?cled- clergy Diocesan Synod e￿Cted - dergy C¢)-oplion Diocesan Syno¢Y erected - lay C￿0p110n (Resigned 1 January 20251 Co-tspts'on IR•$igned 1 J)nuary 2025) Co-optlon (Resigned 1 January 2025) Co-opllon IAppolnt•d 1 January 2025) Cowoption (Appointed 1 January 2025) C04>plion (Appointed 1 J•nuary 2025) Co-oplion {Appolnlèd 1 January 2025) Cowoplion {AppoSnled 1 January 2025) C¢xipllon {AppointÈd 1 J4nu¥ry 20251 Covoplion (Appolnled 1 January 20251 The 2024 Board Rec£*nslllulion ¢omposilion and rmmbernhlp Is detalled on pa9e 8 SlfUCtur• and Go¥•man¢¢. Tho ch4rlty18 r•lyln9 upon th¢ 9uldono Is¥u•d by th• Ch8rlll•s Commlsslon In r•lallon to the Induc*lon •nd Iralnlng ol Trusl••J. SENIOR STAFF AND ADVISERS Dlrector ol Educallon Deputy Diredor of Education John Conslontl Gemma Hr¢ch Reglslered Offic• Di0￿$8￿ Offic•, Sl. Nichol•s' Church, Bo* Hlll, Rochest•r K•nl ME1 1SL Prfncipal Offi Di0¢*s4n Offi￿, St. NiGholas' Church, Boley Hlll, Rochester Kent ME1 1SL Bankers Nallonol We$tsnin$t•r Bank Plc, Chatham Branch, 148 Hwjh Street. Chatham Kent ME4 40B Audllors Crowe U.K. LLP. Medway Bfidge Hou59, 1-8 FaI￿r￿adow, Ma¢dstone Kent ME14 1JP Sollcitors Slono Klng LLP, Boundary House. 91 Charterhouse Sl.. B•fblun. London ECIM 6HR Investm•nl Advisers CCLA Investmènt Management Ltd One Angel Lane, London EC4R 3AB and Sarosln & Partn•fS LLP Juxon House, foo Sl Paul's Chur¢hyard. London EC4M 8BU Insurers E¢Glesiaslical Insurance Office plc, Beaufort House. Bfunswick Road. Glou¢ester GL1 1JZ Page 1 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees. who afe also Directors for the purposes of company law. present their annual report, together wrth the audited financial slatsmonts for the year ended 31 December 2024. The DIrectors￿ruSteeS are one and Ihe same and in signin9 as Trustees they are also signing Iht Strategic Report sections in thèir capacity as Directors. This combined report satisfies the legal requirements for.. Directors Report ol a charitable company. a Trustees. Annual Report under th8 Charities Acl 2011. MISSION STATEMENT To support and encourage the wort( of schools, ¢hur¢hes and parishes across the Diocese of Rochester in Christian distinGliveness through excellent educallon of chlklr•n and young people. LEGAL OBJECTS The InCO￿)rated Rochèster Diocesan Board of Education's objects are confimed within the objects clause of its Mèmofandum and Articles ol Associats'on which are.. To maintain and extend education in and knowledge of the Christian religion in general and the faith and pracllce of the Church ol England in particular lo all sections of the community within tha Dlocas• of Roché81or. To ¢arry out the functions of the DiorAsan Board of Education for the Dioc85e of Rochester under the provisions of Ihe Diousan Boards ol Edu¢allon Measuro 2021 and any legislallon amending, supplementing Of replacing the sarf*. The Diocese of Rochester Consolidaled Education81 Endowm8n18 were cra8led by a resolution ol the Board pa$s¢d on 9 November 1994 and are held on the tems ol the Unilorm Statutory Trusts undor Schedule 36 01 the Educalion Act 1996. In additlon Tru6t Funds aro held on ￿hall ol School8. Ploa$e roler to not• 19 in the financial Statements lor details of th• assets held in this capacity. 8TRATEGIC AIMS The Trustees and officers have continued lo work towards achievlng the 2022 - 2024 agreed triennial aims and objectives of Ihe Board which can bo summarlsed as follows. To actively promote and support Christian Distinctsveness through developing high quality teaching and learning, leadership and effective 9ovemance of our Church schools. To provKle focu5sed support for School effectiveness in order that our Church schools are judged good or better or J1 in both the OFSTED and SIAMS inspo¢tion framework$. To improve the quality of18achin9 and l&aming of Religious Educabon in Church primary schools sharing best practi￿ and offering professional development opportunities for all teaching staff in Church primary Schools. To develop effective Strategic partnerships with LKal Aulhonlies, Teaching S¢hools Alliances, Mulli Academy Trusts and other key stakeholders ensuring that every Church school 1$ part of an infomial, fornal or slru¢tural collaboration which supports their Christian Distinctiveness, school effectiveness and sustainablè future. To ensufè the good stewardship and effective deployment of Ihe Board of Edu¢ation's resources, lo ensure its sustainabl• fulure and abilty to deliver its triennial aims and key priorities. To take opportunitss for growth through the establishment of new Church schools and maintaining existing Church schools. OBJECTIVES FOR THE YEAR The Trustees and officers. of the Board. have continued to work towards achieving the agreed triennial aim5 and objectives of Board, as outlin•d above. Page 2 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ACTIVITIES ANO ACHIEVEMENTS IN THE YEAR 1. To actively promole and support Christl8n Dislincliveness through developing high qualty lea¢hing and leaming. leadership and effective governancè of our Church schools. a. The skllls audh lemplate conllnues lo be used durlng the Foundallon governor appoNilm•nl proce55 lo en¥ur• that Ihoso •ppoinl•(I have the requbsite skills a￿1 experience lo serve. b. Officers Of our assockle consuttants arn. wherever posslble. iivolved throughout the appolnlmenl Pro￿$$ lor new Head Teachers liais￿9 with Local Authority off￿ets and govemots lo ensure Ihe best cand￿aleS are appointed. ¢. We eonsuw over our Irawiing prtyjramme and as a result have revised the Supporl and courses offered. Bespoke tralning is also livered to goveming bod¢eg and MATS. •s r•quesl•d. d. Members ol the education team, our Assxiales and School Improvem•nl partners have supported our Church schools wtéh Head Tèacher appraisals, training. school advisory vi5it5, leadership, scoping. IEB and Schools C•uslng Concern meelln91. Sw)port c•n also commissioned lo provpje coaching for head tsachers 109elhef wrth packages of mentorin9 1 supgThision support. e. The educalion leam regularty revwi those sGhoo15 cons¢dered lo be vulnerable arKI deploy ¥arlou$ ffleasuo$ to SUPPOrt t￿m. 2. To Pfovlde largeleé challenge ond locu$8ed support for school •llectfv•n•ss in order Ihal our Church schools are judg•d good or ￿tt•r in both the OFSTED and SIAMS inspection fra￿wOrks. Over the course of the year. training on thè lalesl SIAMS framework hag been delivered by the Deputy Dlrector lo support Ihe Impknmenialion and Improvement ol Oioc•san schools ag Church 8chool$. 3. To improve the qu•lty of l¢a¢hing and learning of Religious Education in ChurGh primary schools and sharing best practice and offerin9 professlonal developmenl opportunllles for all te•chlng 8l•ff In Church PflmAry School8. a. Th• Deputy Diredor of Educoli¢)n provided further 8UPPQrt by underl•king SIAMS re•dy visits, new Head Te¥cher visit¥, bespok• If•lning lor RE sublecl leaders and h•8 provlded varlous IralnirYJ courses, Page 3 INCORPORATEO ROCHESIER DIOCESAN 8OARD OF EDUCATIOII AND ITS SUBSIDIARY ANNUAL REPORT FOR THE YEAR ENOED 31 DECEMBEII 2024 ACTMTIES AND ACHIE4eMeNTS IN THE YeAR ICONTINUEOI 4. To dè¥*lr47 Strats9￿ pwtherthp5 Aulhoritres. Teac*uffj Aliarts. Mulli Ac4oÉmy Twsts {MATsl 8r#J Olherkty Stskehc4dw¥ 8rigwing th818V8ry sclbjd is Snlc4m81, Icmi* w 8lriKiw4 cd18boraUon whir* supports 0S$VTrX¥ones9. sdwl èff60i¥ew& 9wWMble lut￿. . Tl* OlreaoTof E￿￿tiOn tth¥nuert lo%vkdosety¥*ilh Mulb A¢a¥ery Trusts IlAATtsl In Ih*rt4nvethond gthlth. b. Tlw DJr•du ol G•thnu•d lo ••¥l•l In d*￿0p1￿9 ￿￿￿￿ni1 ¢¥￿Il0n￿l pr1*. c. The thrtrknr and Dwuty DireL#Of of E￿￿￿on I1￿￿5 r6gu18tywllh •thlbJiise5 about the p•rfom*rKeof SCI￿￿ Th• folh*ln9 loblm p￿￿d• d•i•ll• of lh• •¢•iu$ gl¢xw Churth ¥¢*Do¢¥ eAM Chwth Mulll ￿￿•mY IMAT•l rnmb•r•Np. T8blo 1-Chwth ol En Sthool sialus Vclum8tyWd•d IVA) v￿￿￿•Y Conirolled IVC A<*J6rru0J & Frep b *aiu8 and sectc* In ￿￿eSE01 Rrxhesief Numb•r ofprfma S¢ttools Numb•i ol s•¢￿￿4 School Tabl• 2- Church mu115-A￿• Nam• ol MAT Al8th8i•knpllc4Tr Academies Tru$1 Od*￿ Pdmory Ar•demles TN¥l Aguln•¥ Churth 01 Ewiand Edurthiion Trtol Imspiro Pudery Movomani T￿¢ Medway Amgllc4n S￿￿1 TN&i PllqrfmAc4demy Try¥1 Tth)ox Twsl Trlnltas*Kaaem TnJ*i4 In the CXoc•J• ol Roch•¥l•r Loc•1 Alth￿1 Arna Keni 8•hJ•y 8fomhy 12 8dw•y m•d￿Y ￿￿v$￿1•X Tru¥t S. To ¢rrfw• th• qorrfj 4t•ward•Np •ffKW¥e d•plJym•n¢ orth• eoprd olEduc•llM'• r•wur¢•i. 10 •n*w•lli •ui1aln￿th Iuiur• ind •blllWto+J•ll¥w Its lrfefin￿I Alms ar+$ k•y p￿￿￿"•&. For A•¥ernl 411ff•r•￿ Mthion#firtand4 ￿￿￿+1#w• •t••dy 2024 lh• Fih•rK• •nd R•￿ur￿l CtthrfdN••rnblth¥•d monltornd. c qu￿•￿￿ b•Dls. In¥•¥lm•nl yl¢ld• ond •￿￿Th, b. Thè mwln polnl¥ •¥¥at581￿ Ihe Boardel Edu¢th'¥ fir￿￿e*S In 2024 con bè *mimorl8edw fdlm.. Th• wr*ttttn*i dilldl Intr•￿0 irom É129.728 in 1023 to • def￿1 01£194.898 IA 2024. 11. In¥t*trn•nl lrtwn• IrKr••Md from E187.804 In 202310 £191.P78 In 2024. 111. unre￿4￿ 9¥Thon In¥•thneth6 olt473,484 In 2023comp*r•d 10 a £303.W7 urtte8lla•d wn In 2024. Iv. Th BO*￿ ol Educ8Uon's Endowmeffl frjnds tra18r￿ Inue1￿4 (rom E6.org.044 In 2023 10 £6.200,424 In 2024. I. In M*y 2019, thi apm•d lo •drg1 th• T(¢•l R•lurn •ppmch 10 Inwilm￿lIYhthlth •Mbl•i fur*1 10 b• •¥thbl• lo MMI r￿Ur*I•l￿￿ ¢4 Oxrthdlng Iri¢tsmb brv•cNf¥J ￿ reqUIr￿￿tY41thtrrt1lr1etaO I￿rta. 7. To t•k• ogptyiunhU•• tr •r￿￿tr th• •￿•bIl￿*•nI 01 rrtw •nd M•Inth￿r￿ eyJ8llr4 >*thl•. b. The proi¢¢td¢llv•ry olthe n•* seco￿￿￿ry Schxl in Ebb$flW qwden dty ￿￿k4rden>￿Ih lh• *l•lhel• *1S¢•n A¢•Jty*s Tru4 progi•St•J. FUTURE PLANS The Truyltts officern. Board. ￿11 io*t¢k IMrd¥ tho oqr•*d Slr*itglc•Im8￿1￿& 8o*rd. forth• •* pr•vlou8ty ouuined cfi p•9• 2. Pw4 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW 1. FI￿nci¥l Perfjrmanco A numt•r of glcèal chJllen9es Impacte(I operatlons an¢1 durir#J the and lh• k•y •18monts ar• highliqhw A comparigon ofth• ir*4m¢ reCeI￿d fty 2023 #nd 2024 can t• summ*isad as foll a. The substdiary trading cthrpany surF4us Inueased by £903 from a surplus 01 £50,538 in 2023 to 0 surF4us of £S1.441 in 2024. b. Investsnen¢ in￿e irKrease(J by £4.072 from tl87.804 in 2023 10 £191,876 in 2024. ¢. Un￿81189d goln on Inveslmenls 01 £473,4BI In ?023 cGMmp4red 19 a £303,007 unre8li8od g•ln In 2024. A c&ynparison ofexpwK11tur8 IrKurred tr 2023 and 2024 can be summ￿sed as Id10￿.. . thr#ll eXFendttU￿ for S￿$, th in¢re8sed by £21.233 from £380.135 in 2023 to £401,368 In 2024. b. The schods, w¥Jrk eXpendrtU￿ Irom the Resfficled Irume lun¢J Inueased by £3S.124 Irom £320,271 in 2023 to £355,395 In 2024. ¢. Rov¢nuo grani *xF¢ndi￿r• d8cMas•d ty £2,124 from £1,78D In 2023 to1£344} In 2024. il. GO￿rna￿e cosls increased by £702 from £7,020 in 2023 lo £7,722 in 2024. Th?r• ¥ Ir•n$fer ol un•pr4kn4 totyi r*tum of £340,538 Ircm Capll81 lundi to thé R•vents• lund8. The v•rtw$ I￿¢M* •rKI •KwThJltur• nwm•rt$ lor lh• y••r le41trAino impocl on r•a•rv•8'. . The Corpofalg Fu￿S resem remaine¢J unchanged al zero. b. Th• sth￿l Improv￿OnI5 Fund8 r#wv* In¢ffj•s¢d by £82,323 fmm E344,981 In 2023 10 £427.304 in 2024. c. The Re8tdtted Inc4)m8 Fund reseNe deC￿se0 ty £104,394 from t335,883 In 2023 lo a Su￿luS bala￿ ol £fJ1,289 In 2024. a. The EndowTrenl Funds reswve incrvased by £130,300 from £8,079,W in 2023 to £8,209,424 In 2024. Th• TNsteos were at40 to budget for 2025 and egbmaitr •n o¥w•ll suiplus 018om8 £67,745 in 2025. Th• TN$t•M thmugh lh• Fln•rt• •nd R••oyrc•g COMffAtt￿ ￿11 contlrmm to •XF4or• lurtmr opti￿8 In oNd•r to Inu•a•e IrKom? WKI decreaw expwidiiure. 2. RM•ws Pdty Resoms ffjr• •n Inherent part ol the rfsk rnBrwm•nl kYcc•sJ. Th• n••d lor r•MM8tAIII v•ry d•F•ndlng on fin•n¢l•l Fo4ltlon •nd lorecasts and our assessment of th• risks we lace 8t & partlcular Urn•. Tho Trusl••¥ h¥v• •ThJ •pwv•d lh• 2024 r•wv•• Fdl¢y t•k•i •¢*ouni ol th• pi¢domlMnt rf8k8, chall•rq•# tr c4pllal requlrement8 ln bolh the short and medium lenr*. 11 IB Twol••s' Wky lo, wh•r•v•r Fo1•4bl•, Iwi •xwfidllur• by g•ll•rntlnp In¢om• frtyn lh• m¢rf¢l•d lurtds, IM lrndlffj 8ub•ith•ry aTrJ frryn any D8F gr￿t recelpts. Th• OI¢y Fy•¥Iou8ly agr••d to u*unr•$llKt•d ILmd$ t•fore any olher funds unlll tho8• unrn$t￿•d r•sems rea¢* a nll bal•nce. Th• Tfu*l••s •r• #%4w• Imt IrKAim• •nnually 8xdudSng unr•8lia•d invulm•nl 9•ln8 58 pi•s•nlly ir*sufficl8nl to m••t •Mpendltwe •nnu•lty n￿$S8ry to m¢el thè Trusloè$' 8PFxoTrAd ad1w￿*S. un￿$$ and until am balan¢Ad, th• TNsl8•s r•cognls• Ihal tw ￿11 nee(J to use inveslment gains less losses each year as calculated on Total Relum tur￿ basls Ihen. K n¢cess8ry, ulllse any unrèsthct•d r•sew6 anLI then th• Unappll•(l Total R*turD lo c4ver •ny re￿InIng deficll ¥rfJei, Aceordingly, thèy %%ill, il nèe•ssary, 89m annually on amount lo bé tr8nslerr•d lffjm the Unappli8d Total Retum Fund to C4ver that yearfs efii?t rfany. Inveslrnent gain$ over and abJ¥e ony needed lo cover 8 defiThl fc¢ Ihe year in qyeslion ￿11 be Jdded to ¢his Fund annually and • sum repr86entsrYd InfialiC￿ on the ca￿tal luThdg ol the 80orO In accordanc• vlth CPI rnles ￿11 be transferred Irom thli FuTha to th$ TNst lor Invests)wnt eawtsl rnsepM. Th? Diow•n Bosrd of E¢Ju¢•tK)rt ¥lso ￿￿Id$ mlrf¢x¢d *thl¢h hov¢ generBlly teen hl¥kn¢ally trom th• sal• ol redundant scho)I prop8rties. Th•se fesln.cted reseNes can only be used ltr*ords Ihg ¢OSt ol Church of ENJIa￿l schoc4s [￿J11d1n9$. r*s￿¢t•S aTra atfvie81. Unrastnetad and r8stricted fesweg are largdy In￿st8d in diveNfied investmtnt historically risè in valu8 overthe long lemi. The v•lu• li rnonitofed regvlady by the Board's FinaTrK• and R•8tyJre41 Committee, and Tru51ee& have ddeyled lo that Committ•0 the limlNJ and level 01 $31eB of investr￿nts in ¢xderlo meei s￿h •nnu81 defiryt as ￿￿x1[ated tel0￿ unreallsed Inves1m￿l galWosBeB. A8 at 31 ￿e￿rnter 2024 ¢¢ngG*•¢e(l fvnd$ tot4led £6.867,99712023'. £8,759,888) of **lch £8,440,89312023.' £6.414,7071 thero stricled and £427.30412023'. £344,981) unffj$tricW. %thich was Ihe charftys free reseNe. There15 aLw an unapr1￿ toial retym rts•Ne of £1,713,923. Page 5 INCORPORATEO ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SU8SIDIARY ANNUAL REPORT FOR THE YEAR ENDED 31 OECEMBER 2024 FIPIANCIAL REVIEW ICONTINUEDI 3. Grant Making Pollcy c*Md•rlng #hool 4Wuth?n• for fin•ncio1 •Mist•ne•. th• TrUthMI￿lI •dopl lh• prftyiO•s.' •. The totsl value olgraTrts w￿11 bè limited io th& revènut inc£ffi8. Any gvani award, whIch*￿￿j neossila18 eXPBnditure ol Ihe endcwneTht fvnd. wlll Tr)rm•lty b• gpproved. b. All kyojects SI￿11 b• appfoved for grnnt•ld by the DE •UPPtyWd by lh• LA. c. Church Ah1ed prlmory schcb)L8. d. Chufch AvJ¢d S¢w￿ry 8¢hocls. •. Church con1rol￿d schcc4B d•c¢(flw lo •¢Jgpl Churth AbJ•J •t¥tu•. E￿￿ing Church Aded scws, 9. sChr￿s s*Ning deprivèd afeas. h. The Govomlng Body's fin•naal r?￿rCu. Pr•vh)uB proJ•di. al th• KI￿1, lund•d by th• 8o•rntlnu•OI Trustoes, lenn ol offté 1$ three yearn and tlbxe who *r¥¢d during year a￿ $l*ywn on page 1. Fr(￿ J•Th￿ry 2022 the 8o•rd'$ ¢ompos￿0￿ 8nd tY*mtsr8hlp1s $umnwrl8•d as follow?. l. The 8i$hop. 2. On* TN8ttt rthln•t•d by lh• 8ishop. Six Twstees elecied ty DK)cesan Syn¢)J {il •. 3 Clarks in How Order$ Ifw •ach of th* 3 Arthd•aC(Jn￿5l. b. 3 Lay p•r8on$ on th• •laclor81 fdl th•ir parish I1￿ e•¢h of th• 3 ArchOEac4ndail. 4. At lust 2 Trustees but more Ihan e Trustees cmpted by the DBE a. 2 seThin9 Headie%hers at CE s¢hodslaca¢Jemies lone Omary and one ￿0ndary> b. Up lo 4 olher Trustees wllh expeTiènc• ol olher area olwofk Wlh whlch the OBE is ￿nCem•Y IndwJkn9'. finan￿. leg•l, HR, Bchool knproV•￿nt, chanty tru•te•ihip, 8chcol governorshlp. kadershw r•laik$￿. 111 Under 3, DlcKe$on Symd elecled m$mtsrs Tllèo *fé rtoff4n8le¢ by Dè*n•ry Synod•, i•¥l•wèd by 8l•hopJ Councll •ThJ Ih•n by Oloc•¥an Syrth)O. b. Su¢h ¢andthtes rnusl dher rosSde or wtyk ty worshlp in th¢ Oittes? need rtot theMSe￿e5 be Members ol I￿ Ckman Synr¥J. c. Any casual anThig the de¢*ed Thmbets Iwhth 8xpr•65K* Indudes the cas• where insuffiu•nl undthles hjve b••n nomlnit¢d fill lh• pl￿5 avoikqbl•l sh•ll t4 filled In iu¢h • mannw •• m•y b• d8t•thned by the DILr•￿n Syne¢1. The Loe41 Auth)rrti¢¥ ￿thin I￿ Dioctte th•ll •ach b• entit￿ io Mmlnale or• lo attend ￿￿tIr$S ol ihe Board on ts Lcul Auth￿￿8 beh•ll. TTh•￿ pers￿3 8r• nol d*lble lo vole 81 suckn Me￿1￿9$ &n(I do not hokl the pjjrtbn ol Truol•• LY ol Ch•rlty'. l. The Coundl of Ihe London Boro¥h of Bexley 2. The Council oltlyd London 8￿oUgh ol Br Kent County Councll 4 4. K4etr*ay cou￿. Drtl•lon m•klng •lry¢lllf• Corwaie worili¥s, the overnll financial strategy lor the Board, In ac£4)fdAnc* with its objects, are Ihe ￿F)1$ gThJ aet a$ managing trust•os. These assets art not aggregated in lh• finanrial 51alemenls as the Board doe8 conlrd them and they aro segreg8led Irom the Boarrfs assets by mean5 01 separate acttjunting system. Further d&tails of these markal value tolalled £2,082,689 at 31 OecomÈer 202412023.. E1,987,8991. ar• pro¥idod in not¢$ 18 & 19. Key management rernuner•tlon The pay ol the key management personnel. as delaikd In note 9. and all slaff are reviewed annually and [￿?￿￿￿11Y incre8se(l in KcA)r(Jan¢¢ th average eaffliw4$ to reflect a eost of IlvlNJ adjustm•nt. In ol the nature olthe charity, thè Twstees t•nchmark agalnst pay lavds In oth•r charltjes. Th• r•munethion t•rtehrnthrt 1$ th• mldwlnt oflh• rnnp• ￿1￿ for wrnll•r ￿•$ In sirnllar ¢h•dtl•$ •nd Fund• hgld on ts•h•ll ol church •¢hool• Thé 8oard r8(*i¥•È eontribulitin$ from gtsverws ol thur¢h ¥dunlory •idod Sch￿1* *ithin Ihe Dic (431,218) Cash and cash 8quivalenls brought foTrvard 250,514 681, 732 Cash and cash equlvalents carrled forward 179,086 250,514 Page 18 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 I. ACCOUNTING POLICIES The finandal $lalements have been prepared Mi accordance with Accounting and Reportlng by Charfl6&5.' Slal&menl of Recommended Practlct applicable lo chadlle$ preparfng I￿1¥ accounllng In accordance vllh Finaneial Reporting Sl8nd8rd (FRS) 102. the Statement of Recommended Practice lor Charlttes (SORP 20151 Isecorbj Edition. effeets've January 20191 and the Companies Acl 20C6. The financial stitements have been prepared under the hi$loric* co$1 conVen￿On with items recognised at cosi or Iransatlion value unless 01he￿se stoled In the felevanl accounlln9 pollcy note. The charity consiitutes a publte bèn6fit entty as dèfined by FRS 102. Accountlng sta￿l3rd5 requlre Ihe Trus1￿ lo conslder the apkYWaleMss of the gc4ng concem basis when weparlng the financial slalemenls. *) Consolldatlon The con$olidaleil fin•nclg1 sl•l•menl¥ Include the ¢offlpar)y •nd Ils subsldlory. Inlro-gfoup $ale8 and Incom• ore •llmlnal•d on consolidallon arnl all sales and Inco￿ figufes relale lo exlefnal IransaLYlon5 only. The subsldlary's resutts have been consolidated on a.line by li￿. ba￿8. bl Intom• Donation¥ and leg8cie¥ are accounted for as soon as their amounl receipt are certain. In the case of dMaliorK% this is u$ublly Jre receNed. ￿1 other Income18 •ccounled for U￿er •ccru•ls conc•pt. cl Expgndltur• Expendlluo Is aCco￿te¢l for under Ihè acC￿al$ c(￿¢¢pt Indu51ve of VAT. VAT l¥ I￿lL￿d 0511 l¥ nol recoverable by the Chadlable Company. Gov•min￿ coslil are tho89 coyl$ Bisodaled ￿th cl￿$11t￿ll0naI stfjlulory requlremgnt$. dl Inv•sthi•nts Inveslmenls are included In the tsala￿e sheet al eld pdc• apart from Ihe In¥*81menl In IM $ubsldl8ry company vthich Is Incl￿e￿ 81 cost. RealS6ed galn8 or1098es on Sale of Inve3lmenl8 represent proceed¥ of le$5 the approprlale proportlon of the openlng ￿ryIng value and are Sho¥￿ In Ihe Slalemenl of Flnancial Aclivllles. UnTealls8d galns or10$888 on revaluallon of Inveslmenl8 are shown In the Stslernenl of Flnanclal Activllle•. •) Alloc•tlon of •xp•ndllu Common, share(16tem8 of expenditure are apportloned lo Ihe different areas ol work based on It* number of employees ¥￿thIn each area. The Irrecoverable element ol VAT18 Induded wth iiem6 of expense lo ￿1¢h il relaies. fj Funds Reslrfcted funds are fvnd3 subject to 8pecifi¢ condS1ions Inwsed by lh• dornr vthi¢* •r• blnding M lh• Tntylees. Unreslricled fund$ have no reslrfctlons on IPNrylr LM•. Designale(I funds 8re a fom ol unresldcted fvnd, has been allocated or de8lgnaled for speclfic pu￿8•6 by the Charitable Company itself. The use of designaled furKIs for iheir designated purpose will remain al the dis¢Yelion of Ihe Tru$lees. End¢)wmenl lunds are restricted lund8 vknose Ir)come can be used lo fun(1 schools, woth. The Corpornle Funos a￿ unreslricled funds. Ihe Income FU￿ ol the Consdidaled Educalional Endowments is a ￿tricted luTh1, the Capilal Fund ol If* Consolidaled EdLtcalional Endovrnents Is an en￿o￿left1 lund and the SchocA Improvemenls Futvj is an unre8lricted fund. Page 19 INCORPORATED ROCHESTER DIOCESA14 BOARO OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE F114ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POUCIES ICONnNUEO) 91 O•pr•¢l•tbon D•Jxecialion is prov￿ed on all tangit4e fixed assels in use, olher than tre¢hold land, al rates ¢akulated to ￿lt& off tha ¢tssi or v&luation, Iw •$timat8d residual vAlue of Ihe ossfyt ov•r its eycl811 Ille. as follows.. Ffeohold Buildin9$ No depreciation is provide¢J as the residual value of th8 prO￿ri181 1$ $uch Ihal any depwation char9? would b8 immaleri¥l to th8 account$. Inve$lm8nt Properly is hd¢J al its open mgrk¢l V8lue. Depr￿latIOn 1$ not chorg•d in accordon¢e *ilh FRS102. over 1 year. ov¥r 4 years. Inv•itment Proparty K4obilo Classft)oms Motor Vehicle$ Asg$ts a cost tsfb¢low£1,500 a￿ not ¢APitalised and Orè tharged as an oyns• *) Ihe Slatemonl ol Fin8noal Acbvits'e$. h) P•Mlon• The assels of the pension scheme are hehl separatety from thosa of the Board and are invested with Ihe Ecclesiastical Iniur8nce Group un¢J•r th• ivpervi*M ol the scheme Twst•tt. The 8oard'8 CtN)tribution to tho gth$me rJ chargo<110 11$ Income and •xp8ndilufe as conlfibulkryns are made, 08 discltrsed In ncte 16. 11 Granlo Gr•nls mbdts by Ihe 808rd w• trè•ted as exp•nditur• *fion tl*y •rtr •pprov•d. 11 Ll•blllty r•cognltlon LiBbililies are recognised vthen an ollvJBtion ari5•$ to tr¥n8fer KtsnomK beneffits 0$ a result ol past tr•nsacllons Of events. h) D•blOrn Tr8d$ and othtrr d¥blofS 8r• rec09n1￿￿ at th• s•ttlernenl amount due. Prepaymonls are valued 81 the prnnt pwaid n•t of ony Ir•dè di&e4unt$ 4u•. In preparing th• ffinancial statements, the Trustees arg required to rnake c¥rt•in jud9emeni$ #nd e$tsmat&s. Th& kay judgements and 88tim¥teJ ar• consKlered to be th• v8lu8llon ol inveslrn•nl property. Th• Tru8t•eg Consider that lh• ¢Arrying valu• of th• Social inv•Jlmonl property 01 £205.857 liee note 10110 • lair reprg$•ntJlK>n of th• op•n m•rk•i v•lu• ol Ih•i property. Page 20 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SU8SIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 2. EDUCATION ACTS 1944 .1973 AND 1990 The Consolidgted Educational Endowments Funds emanate from the Sale proceeds offomer school buildings and from endowments of closed schools. On 9 Novembèr 1994 the 8oard of Educallon passed a resolulion under what 0$ n¢)w Secllon 557 of Ihe 1996 Act to adopt the unrfomi slatulory Ifusls in respect of funds hèld under Section 86 schemes and Section 2 orders and to consolidate the lunds •nd endowmenl$ a¥ 'The Oloc•so of Rochest•r Consolldaled Educational Endowments". 3. CHARITABLE ACTIVITIES GRANT INCOME Cgnsolld4tsd 2024 Charlty 2024 Consolldal 2023 Ch•rlty 2023 Consolidated Educational Endowments- Grant In1￿me Oepartmenl of Educ4llon gr•nl8 Contributions from Schools 1,268,210 128,216 1.2e8,210 128,216 1.284, 186 128,271 1,284, 186 728,271 1,396.426 1.396.426 1,412,457 1,412,457 4. OTHER TRADING ACTIVITIES Con¥olld•ted 2024 Charlty 2024 Consolldoted 2023 Charfty 2023 Corporate Funds- Geneial Thg DiocAgsan Schools Agency Ltd - 8urplu$ Contribution to staff costs 51,441 6,000 51.441 6,000 50,538 6,000 50,538 6,000 67.441 87.441 56.538 56.538 Page 21 INCORPOIi4TED ROCHESTER DIOCESAN BOARO OF eDUCATIQN AND IT8 8VBSIDIARY 140TES TOTHE FINANCIAL STATEMENTS ICONnNueDI FOR TrIE YEAR ENDED 31 DECEMBER 2024 S. NeTIN¢OME FROM TrADINQ ACTivinES OF SU&SIOIARY Con•￿Id•ll￿ Cwisolld•t• 2) 17.76B 24,450 1,123 7.122 In5pecIth* .79S A¢8ttemy ￿nvers1[ 49.038 JT.381 Sth>ol SnyrO￿Mtn 16.700 98,801 21.432 109.880 Exp•ndlly Tr8¥elllry •nd AThJry S•l•ry coili ¢LXWS8 p￿$￿0*) Le9ders￿P G￿le(￿r￿• Imwov•m• 1,200 7.￿0 4.023 r.468 J6.440 5.8Jtr 59.342 26.102 6.43S 45.3eo Audll Noi•8 Surplus ¥vdI￿ry 8cll¥lll•$ prfw Ip lOd￿ty Contrfbthit￿ to 81811 c05t& Amounl lo ￿ Iran￿•Th•d 10 dwty 51.441 17,Tr)01 f7,000} 1. 114COM£ FROM INVESTMepns Con•did•i•d 2024 ¢h4rtiy 2024 con￿14•¢•(1 Ch•rliy 201J Owt•d Inw¥lm•nt• Corpornl• Funda. G•rrtr•l CBF d8posS1 Ini¥ 813 613 813 522 522 522 522 S(*pol Inv)￿mIn￿ CBF dwsll1•14vuI 88N*1rt8res1 Slrnth Ir¢¢oma dI*￿bulle Ini8re1i 1,819 507 1.819 507 S,799 1.137 4T8 5,458 18 7.091 I, IJ7 478 5,458 18 7,091 7.934 7.934 cOn￿lIa1•d En¢lNThqn¢s. Cvpiiil ceF Iw•simoni Fund S4ra*n Incom¢ rfi¥lrtbulie• 109.072 101.072 07.10 176.178 IQT.403 107,40J 176.178 170.663 ITO,663 Conwll4Ri•d Edu¢olW EndMi•ni8. Ir￿￿1? CBF d•ptsiII Inierost sar0￿￿ Inl•r•ii 2.077 104 4,370 2.677 104 4.370 4T83 4T83 69 3.685 3,685 R•ni ft￿￿￿tI• 7.151 7.151 9,528 9,528 1•7,101 f•T,801 1nveslvrtlnw￿rfa1e¥ tokKryne 92Th8rat8d kn erthTnth4$ 10 8W th¢ChllrfIab￿ in S￿￿1*. Pw22 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 7. OTHER INCOME Consolidated Charity 2024 2024 Consolidated Charity 2023 2023 Consolidated Educational Endowments - Capital Rents Receivable Consolidated Educational Endowménts - Income Profit on sale of motor vehicles 8,681 8,681 8,681 8,681 4.468 16,387 16.387 13.149 13,149 ANALYSIS OF COSTS Con8olldated Charity 2024 2024 Consolidated Charlty 2023 2023 Corporate FurKls - General Staff charges - Costs Dlrect 613 613 522 522 613 613 522 522 The Diocesan School Agency Ltd - Costs Direct 45,360 59, 342 Note 5 45,360 59,342 Consolidated Educational Endowments - Income Schools. lesllval Staff charges- Costs (Note 9) Depreciation Motor vehlcles Office costs Equipment costs Revenue Grants Audit costs - Go¥emance costs. Direct Direct Support Support Support Support Support 498 293,341 9,070 45.108 (512) 272, 984 11,272 27. 727 (512) 272, 984 17,272 27, 727 293,341 9,070 45,108 (344) 7,722 (344> 7,722 1.780 7,020 1. 780 7,020 355,395 355,395 320,271 320,271 Included in Ihe Schools Work costs is an amount of £7,722 for audit fees (2023.. £7.020). Total audit fees for the Charitable Company and its subsidiary amounted to £12,61312023.' £11,466). Consolidated Educaltonal Endowments - Income Department of Education grants projeds - Costs 1,500.820 1,500,820 1,478,883 1,478,883 1,500,820 1,$00,820 1,478.883 1,478,883 Page 23 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 9. STAFF CHARGES Congolldatsd Charlty 2024 2024 Consolldated Charlty 2023 2023 Wages and salaries Social security costs Other pension costs Pension administrats'on costs Employee life cover costs Travelling and sundry expanses 203,247 21.660 26.629 19,216 9,239 13,963 203,247 21,660 26,629 19,216 9.239 13,963 192,980 20,244 25,401 13,240 8,235 192,980 20.244 25.401 13,240 8, 235 13,406 293.954 293.9Y 273.506 273,506 Corwrale Funds - General Management and administration of the Charty 613 613 613 613 522 522 522 522 Consolidated Educational Endovments- Inr￿rne Note 8 293,341 293,341 272,984 272,984 Total 293,954 293,954 273,506 273,506 The average monthly number ol employees was 3 (2023.. 3). The numbeis of staff whose emolumenls1Sncluding taxable beneffts in klnd but excludlng employe¢$ pension contn'butions) amounted to mre than £60,000 were as follows: 2024 Number 2023 Number £60,001- £70,000 £70,IXJ1- £80.000 £80,￿l- £90.000 £90.1Y)1- £100,000 None of the Trustees recelved any remuneration In Ihls or the previous year. Amounts paid to Trustees for reimbvrsement of expenses totalled £Nil (2023. £Nill. The number of Trustees accruing benefits under defined benefit penslon sthemes was Nil12023.' Nil). Remuneratlon of key managem•nt per•onnel The cost to the organisation of remunerating Key Management Personnel VAS £216,50512023.' £205,880). C¢)sts include gross pay, employe¢s pension, employerfs Nl, taxable benefits and ￿ntraCtualS, payments. In addition to the Twstees. key managemenl perwnel are deemed to be those having authority and responsibility, delegated to them by Ihe Trustees for planning, directing and controlling the activities of the Diocesan Board of Education. Dunng 2024 they were'.- Dlrector of Educatlon Deputy Director of Education John Constanti Gemma Hitch Page 24 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 10. CONSOLIOATED ANO CHARifi TANGIBLE FIXED ASSETS Ffo•hold So¢knl Inv•8tm•nt Piop•vty Prop•rty Motor V•hlcl• Mobl1• Cl••sroom• Total Cost of valuation At l J8nu8ry 2024 Addltionty D15posals 10,OOT 204857 30,995 38,925 30.995 16 246.875 36,925 At 31 D•c•Thb•r 2024 10.007 205.857 38.925 16 254,805 D•pred8lion Al l J8nu8ry 2024 Charge loi year Dlsposals 21,718 9,070 24.301 21, 718 9,070 At 31 D•cemb•r 2024 6.487 8,487 N•t Ibook ¥•lu•• At 31 D•c•mbor 2024 10.007 200.857 32.438 16 248.318 Al JI Ihcamber 2023 205157 226 157 Mobile classroom¥ are wrftten down on 8cqulsilion lo 4 nomlnal valuè 01 £1 since they are considered to have no nel reallsablg v•lug lo the ao•rd. The fr¢ehold propety consisls ol one piece of land al a co81 of £10,000 at the Bgnnett Wfflort81 CE Sett*ndary School and seven opon schoolj whl¢h •r• Indud•d •1 o ncAnlnal ¥•lu• of £1 •&th whlch i•llects ihe lack of realls&bl• volu• ol th• 8¢hool$ lo th• Boord. The sodal In¥eslfflent propeity compr1￿$ addibonal ¥ccommodolion purchased lor Ayltr$ford Sl Peterfs CE Primary Sthool al cosl 01 £205,857. Th• ¢h•rlty r•¢•lved qu•rterfy r•nlthl In￿m• 01 £2,170 In respect ol Ihls property. No depr•d•llon w•8 ch•roed In tho yeaf. The Sodal In¥•$tm•nl prop&rty Is Inlegr81 lo Ihe iehool, wllhoul whlch the School cannot op¢rat• •nd 08 $u¢h coukl not be ￿ld without Ihe sthool closlng. The renlal ylold Is •pproxlmalely 4.2%. On Ihi5 basis, the Truslees conslder £205,85712023.' £205,857) repm￿ntS th8 falr value of th• sodal inveslment property. Page 25 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SU8S1DIARY NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 11. IMVESTMENTS Co•t 2024 M•rk•t V*lu• 2024 C•8t 2023 M•rt•t V•lu• 2023 Quot•d Inv•Btm•nts ceF Invfjstment Fund Sarasin End¢)wmenls Fund Cla$8 A Inc- DBE Sara￿Th Endowmon16 Fund Cl8ss A Inc. School Imp. 796,477 1,764.870 150.fj51 4,019.175 2,470,790 213509 796.477 1.764,870 3,929.241 2,274,665 196.561 2,711,998 6,703,474 2,711,998 6,400,467 Unquot•d In¥•strn•nts The DSx•8an Schools Ag•ncy Ltd 51 51 6.703,525 6,400,518 2024 2023 eroughl forward al 1 Januory Additions OIskiosaL8 Unre¥lls•d g*In￿{lo$s•s1 Reo11$od g•ln$llb$se$l 6.400,467 5.926,592 391 303,007 473,484 co￿led fopward ¥131 Deumber 6.703,474 6,400,46T All quoted Invgstmonls arè tier one inveslrnonl8. The £51 unquoted Investment felJte& lo Ihe co8101100% 01 th•188ueil ordlnary Shore ￿pItal ol Ihe Oth•Jan Sch(M)Is Agency Limlled a company ceglstered in England and W¥los (Reg no 28922691. It is a tradlng company which Iransfefs all taxoble profils lo its holding company, Ihls Charitsble Company. Thts amounl transferred io Ihe tharity exduding slaff cost ¢onlrlbullon w8s £44,441 12023.. £43.5381. The aggTegal• of shore cèpt81 and reMry•8 WO8 £20012023.. £2001. Th• CBF Inve$lfflenl Fund's share value wlll rellect fluctuali¢>ns In 8h¥re prlces and currency exchange r8tes. The Fund Include$ lanoibltr 08891$ $u¢h as proparty. Any propeity wllhin lh• Fund18 valued by In èxtemal propèrty vlluer: •ny such valuallons of¥ a matter ol oplnlon ialher Ihan IKI. Th• Sarnsln Inv•slm•nl Fund's 8h¥r• value wlll rellect flucluatlons in 6hare prk•s and currency exchan9e r•t•$. Th• Fund includes tsngible assels such as property, Any property wilhln Ihg Fund Is valugd by an exlemal propety ¥alu•r', any such valuaiions are a matter of opinion r¥lher Ihan fact. Page 26 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ÉNDED 31 DECEMBER 2024 12. DEBTORS Consolidotsd 2024 Charity 2024 Consolldat•d 2023 Charlty 2023 Consolidated Ed. Endovhnenl$- C8pllal Other Debtors Rent Receivable Consolidated Ed. Efido￿qnenls . Incom¢ Olhgr Oeblors Contributions from Sthools receivables C8F Inveslment Fund interest Oloco8an Bo•rd of FSnance 4.122 1.025 4,122 1,025 9,988 9.988 5,147 5.147 15.369 15,369 Unreslricled Fund5 Di0￿San Board of Flnanc Amounts *Jue from RDBFrrhè DSA 62,269 57,488 62,269 51,441 57,488 50,538 67,411 56,S88 72,857 65,907 13. CREDITORS CoThsglld•t•d 2024 Ch•rMy 2024 Consolldat•d 2023 Ch•rlty 2023 Conjolldaled Ed. EndovKnenl8- Income Other CredlloryJ SCA 9ranl¥ payables Conlrlbullons Irom Governors pbyable8 Diocesan Board of Finance Bequesl for reli9ioU$ artefgd5 Trust funds held on behall ol Ihlrd porlle$ Audil fees 255.972 24,427 25,046 103 10 255.972 24,427 25,046 103 10 156.946 12, 140 156,946 12. 140 103 io 103 19 307,102 307,102 170,603 1TO,603 Corporale Fund$- Gener•1 Other CretJilors Dlocesan Board of Flnance AccNals and defewred incA)rne Audil lees 10,$82 6,389 7,238 6,338 11,466 78, 704 6,616 11,954 23,195 12,$67 330.297 319.669 189.307 182.557 Page 27 IMCORPORATED ROCHESTER OIOCESAII BOARD OF EDUCATION AND ITS SUBSIDIARY MOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDEO 310ECEMBeR 2024 14 TIIANSFERS 8EIWEEN FUIXIS Ther• was a transler d £57,441 Irom tr* Corp)rnte FuThJs Genero1 lothe SC￿￿ Irrswvenwt Fund that relales tts th* $UlPYus in $pecl ofthe trading $ub5klkqry. Ther¢ wa$ alw a Iran$f¢r ol una0*1 loial rotum 01£340,538 from Coptal FUTh1 to Re¥enu8 Fur￿. 15. RELATED THIRD PARTY TRANSACTIONS Emplwwj oflh• R¢xh•st•r 0￿￿*•fi 8oard ol Eduutlon arn iolnUy employed ty Th• Rcthejler Dioc•Jan Society and Bo•rd of Finance'lRDBFI'. The RDBF operaies boih a defintd bènèfil pensty)n arrangemgnl and defined coninbjlion pensK)n schen￿, Shared HR, IT, Communicab￿ and financial adnynl5tratK￿ services. The RD8F charge an aPp￿tI￿rnenI of office a￿d administrat￿ èxynses for tho premis¢$. Somè Trnslees olth* Board ol E¢knalloTh are apOThted by the Deanery syr￿$. During Ihe ye8r taxaL4e profits ol £51,44112023'. £S0,5381 %%ill ￿ Ir•nsf¢ffed from the Dict￿n S¢hod$ Ag8rKy to the Ir¢GYp)r8t•J Rochestei Oiorksan Board of Education. Nole 12 detsils the wwnt ￿t$landing a5 at 31 Decemter 2024 2023. A £6.LhJO 12023.. £6,000) eoniribulK)n tv*ard$ staff ￿91& was r•c•lved trom Ihe tiocosan schr1￿0 Awcy lo the Incorpornled R¢xhesler Olc¢*sw Board rf edu¢aitM. At 31 Decemtw 2024 th8 RDBF hold • bank ovwilr8ft on ￿h#ll tsft￿ RDBE to¢alliNJ £31,43512023.. É9$71. Tho Board ol Eduwion 8cls as a m￿r¥￿th a b"mlled Ilats'llty of£10 lof the ￿h￿ing Mults Acodery Tru8t¥.'. AqulM8, WST. Amadeu$. Trinltss, Aelhia, ￿lgrim. Addrth)nalty the Ro¢he$ter DieLesan 8oard ol Ethealp)n also •PF<*ints govemors to Vc4untary ded Voluntary CoThtroll8d Schools Tho DioCe￿n $¢h￿•s Agèw Prov￿•8 s￿le¥S th the Multi Aeaderty Trusts, Vcknntary d•d •r#1 Volunl•ry control￿ Schooli •t an anM.*nglh b•￿¥ al Ihe dlscrnllon oftht th1•. As at Ihe 31 Dee4mtef 2024 the foll¢y+Mg was In respttt ol ￿lated paths . £4,122 wo$ OW•d by Church $¢h￿l gov•mlny bodi•$ nol• 12- D•blor8- Conldbuiknm from GMrnornl b. £31,435 w•5 lo the D￿e50￿ Board of FlThonc•. 1& PENSION KHeME Staff O•fin•d B•n•flt Sch•m• The ft￿1*$1er Dioc¢￿Tr Sw'ety and Board of FiThanco'lRDBFI' 0￿rat#S a d•fintrJ b•nèfil p•nsion affarB•ment ealled t Roche8ter Trocejan Slaff RetIren￿￿t gen•fll Schen*'llh• Sth•rnl'. ThiB 8th¢n* 1$ ¢loi•d lo new fMmb¢ri. 1 rnemb•r ol •t•ff employed by the Board ts Included Iwthin th1$ sche￿. The stherne provides beneffts based on fiTr81 salOry and lenglh of servke on rel1￿j￿nI, lèaving ¥eFvi¢• ty dgaih. The discfosure8 exdude any glkmanch defin8d conlribthion scherne¥ operaled by Ihè Empbytsi. No •lbwane• h81 been rnJdé I￿ dlKrelk)Mry ban•fi￿. 8obrd ol EduC0￿"0n •l•ff thre￿￿tIY empitsy•d ty Ihfr ROBF and RDBE. Th• Schen*15 subpcl lo the Statutory 0￿ctive under the Pénsions Acl 2004. A valualion ol th¥ S¢hemè is c4m+J out 81 least Or￿ every three years w ielemYThJ whether the Stslutory FuThJing OWlv• 1$ rrni. As part ol lh* prtt•$s th• EmF4oy•f musl agree vllh the Trustees olthe Sc*eme thai tr￿ ￿)nIn.￿U*CfflS to be pald to ￿t the Stslu¢Oty Fundlng ObR¢Ove. Th• rn￿1 i•e•nl efjrw¢h•nsl¥¢ acluarfd ¥•luo1ion ol th• Str*rro wai carrl•d e•Jl as al 31 M•r¢h 2024. Tho n•xl V•lU•￿0Th oltho S¢hen* is due 83 at 31 M8r¢h Z027. In the *vent ih81 Ihe Valuat￿rt Mve81s J lar￿r d•lc(t than exFed•d the RDBF mgy be rÈquired to incrèase contribthions gts)ve those sel out ITh the •xlsling Schedule ol Conlribub0Th5. Conversety , If the p051tion i¥ beN¢r than exFé<¢d, ¢1 b p0W'b￿ thgt wlribult0￿ may be reduc•d., The Sth¢The 1$ mlnpged by o trKard of Trust¢es app)Int•d *) part RDBF part from•le¢tiMs by Th)i*ers Oft￿ Seh8m8. The Trustess h3ve responsibilty lor o¥laining valua11￿$ of the fvnd, adminlslering benefil payffl8nts and Inv¢$￿ thè Sc*errt'$ as8•ts. Th• Truste•s d•ltyat8 sorne of these luna￿$ lo thelr prof*j5￿81 aJ¥isers Whe￿ aapropri•te. There were rw) pL•n arnendrnents, ¢Urtailmenls or xttletr•nts Ihrou9h the period. At 31 1)e¢¢n*•r 2024 the FRS v•lu81iM, whKh is b¥8ed M diffèréni undertying assumpl*Jns to the #d￿N81 valuatk￿, calculoted a the Sc￿Th of£2,836k12023.' t2.609kl. Under FRS102 the Employei is onty all(￿d lo recojnise such as8et$ in Ils balanc sheel to extent thal it can recover Ihe suwus erther thicugh reduced ¢onlribuknS In the fijluie or through relunds the p4an. As R08F 1$ Unab￿ lo recover the surplu&. the a8get v¥lu¢ of the at 31 0gc•rnbBr 2024 r•f*rt¢O in the RD8F aex¥)unti li nll. Tlws c(Knpares lo an asset Value of nil at the previ1￿5 review ¢ale. Th• Board 40 noi a legal polty to thé Sch•rre ond defi¢ft$, tt awicabb. •r¢ Indudld wthln Il* RD8F annual ar£•Jnl$. Th• lundin9 •rrangtn*nls for Ihis sth$m$ 8rn sot out in th& RDBF financial slat¢m&nts, th• Board's pww*'t>n eannol be Idenlrf*d and thefeloTe no further details ol suwusesldeficits are included wthin Ihese aecounls apart fr￿ Ihe annu& ojnlrihrtws made ty the Board to the Scheme whth in 2024 totalled t22.27712023'. E21,2161. D•llned Contrlbulion Sch•m• A definod ¢th)lribuiion stherr* 1$ oper•i8d. Amourt$ poyable in lh• year •nwi¢d to £4,352 in 202412023.. £4,185). Page 28 INCORPORATEO ROCHESTER ofo¢ESAN BOARD OF EOUCAIION ANDITS SUBSIOIARY NOTES TO TrIE FIPIANCIALSTATeMtNTS ICOMnNUEOI FOR THE VEAR ENDED 31 DEceM8EA 2024 17. CONSOLIDATEDCOIAPAAAnVEANALYSISOF FIJNDS 2024 I. AN1￿1•91￿￿¥•ffiInlIjn Fund• T•t•l 2024 T•t•J 202J F￿ndS Fund• c• al 1 jllrn￿ry ￿?4 su.e63 6.079.044 0.Tsg.e•e In Ih•y••r 1.411213 1.707.4 1,129,2 the ya*1 145.97Jl 11.8182151 11.859.Q7•1 6• lo3.￿7 473,414 340.$28 427.)04 231.21• b CM Vnr••trtEl•d Unv•*rf¢t•d R••trt¢l•d endgwm•nl Fwd• F•Jnd• Fund* Coryornle hool Fund# v*v•m•nt* eou¢thion4I Endo¥YmM ¢•n•rnl c•ffl• ¢•plt•l Tot 2024 T•i•l 2ts2J C• •1 l J¥￿ry 2Q24 J14,8J2 JJJ,88J 6,079, ,7S9.53• In¢tyrn Inih•y8w 1.411.203 IW.8$9 l.Q62.130 l.M9.948 Ev•￿¢WI y••r {1,838,21S) {1.156,02w {f,r99.aT6) tsThlnwiirn•rd* 2M11s9 303,007 37,441 57.441 340,$3 340, )1 D•c•nw2024 421,111 131,24• 6.209h24 •,TO•,SJ• T•nglb Flx•d Ai••l To1•1 2024 aoij 10.C07 r41.269 110.oon 231.289 93&603 ETrSy*iT¢M Fundj 230,Jii 7.JOJI 0209.•24 OTg.0rf4 urneslrfct£d FLY Cvpor81• G•n•rni SchDrl lrnwovernenl Fund 211509 213.846 427,155 1,70V74 b C￿rtty T•nglbl• Flx•d A••els knvethnents Flx•d Net TotAI 2024 70 ZOZ3 A4••t$ Resirf(ieo Conx4iO•tod Endrr*iwnt8. 10.0)7 231.2E9 (10,0071 231.289 66) 238.311 6.258. {287,583) 6,209.424 079.014 UrN￿￿C¢•y Cwrats Furth. G**rHI Y Inw**￿th 51 24iJl8 6.703M$ &76•,$39 Pa9? 25 WCORPORATED ROCHESTER DIOCESAN BOARD OF EOUCATION ANO ITS SU8SIOIARY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 OECEMBER 2024 17•. ANALYSIS OF FUNOS 3. Toi•l R¢ium Appro*¢h to Inv051rn•ntolp¢nhanont •ndowm•nt Tru•1 Unappll•d Inv•strn•rt totsl rntum To 2Q24 Tn￿1 hr Un•Whd VO8lm8nt totslrnrtum 202J At 1 J•nwry GThl compty*nt of Ihe Fwm•neth ¢ftttth¥mert uTHp￿'ed lo1￿ reium Tol•l 4.385.85S 4.38S.855 1.693.189 6,079,044 4,217. 168 4.21T. 168 I,￿3,321 8,050.489 1,893,189 1,093,189 7,833,321 1,833,321 4,305.155 4,217,160 Movorn•nts In th¢ rnpDrtln9 wrfod TrAn8fei lo Iru¥t ￿ inwstm•nt- ind6x8iion In¥Mimoni r¢tum.' dwdend8 and Int•iest In¥è¥¢rn#ni retum,, rea*sed and urrf•¥lsed ￿1n8 and IkJ$$e$ Tot41 109.646 1109,6461 184.859 286.059 361,272 168,60r (168.687) 179.344 462.920 473,517 184.159 286.059 470,918 179,314 462,920 642.264 109.648 168,687 Un•pWl•d trAd rnlum ¥ll¢)cated loincomv r•pprbrvJ p•￿d 1340,5381 1340.5381 1613. T09J 1613,7Gg) N•tmov•rn•rt In th• r•p•rtln9 p•rlod.. 109,646 20,734 130.380 168,W 1140.1321 28,5S5 (￿ compoTrenl of the wrrnanont •ndowmnt UMpWl•d i•tum 4,495.501 4.495,501 1.713.923 4,385,8SS 4.385.855 1.693, 189 1,713.923 1,693. 189 To¢•1 at 31 D•¢•mb•r 4,49S.001 1,713,9# 8,20•N24 4,J85,•56 1,693,189 •.Qn,014 4. R•wi¢tsd Fund• 8*14nc• •t 31 exp•Ndltw• Trnn•kn DK•rnb•r 2024 J•ny•ry 2024 In¢¢wn• COn￿lIda1•d Edu￿110￿1 Endowménl•. Incorn• 14,157 1355,39SI 340,538 Oep4rtm•ffl rf Educathn Grnnl• 1 500 820 330.••J IA11203 11.86O31SI 231,28• 8•hn¢• •t 31 Exp•ndll¥rn Tr•rrthrn D•¢•mb•r 2023 J•nwry 2023 In¢om• C￿￿1d41•d Eéuullv￿I Endawnwnt•. In¢un• (307,4J41 13,196 1320,2711 613.70? Dep#rkn•ni d Éduc•bM Granis 1412 457 1478 883 1.421.463 11,799.1541 113.709 336,M3 Page 30 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18. TRUSTEESHIPS The Board of Education act as TNstees for the following Church of England Schools within Ihe Dioc8se. Belvedèrè Trinity CE Secondary School Belvedere St Augustine's of Canterbury CE Primary SGhool Bennett Memorial Di¢xYsan CE Secondary School 8redhursl CE Prlmary School Broadwaler Down Sl Mark CE Primary School Bromley Bishop Juslu5 CE Secondary School 8romley Sl Mark CE Primary School Bromley Parish CE Primary School Burham CE Primary School Chatham St John CE Infants School Chiddingslone CE Primary School Chislehursl St Nicholas CE Primary School Cliffe St Helen CE Primary School Crayford St Paulinus CE Primary School Dartrord Holy Tnnity CE Primary School Ditton CE Primary School Erith Christchurch CE Prlmary School Falconwood Bishop Ridley CE Primary School Grain Sl Jam88 CE Primary School Gravesend Holy Trinity CE Primary School Gravesend Sl George's CE Secondary School Hever CE Primary School High Brooms St Matthew CE Primary School Horton Kirby CE Primary School Hunton CE Pnmary School Ide Hill CE Pnmary School Keston CE Primary School Knockholl Sl Katharines CE Primary School Lam0￿eY Holy Trinity CE Primary School Lamberhursl St Marfs CE Primary School Langafel CE Primary School Lèyboume St Peter and St Paul CE Primary School Northfle8t Sl Botolph CE Primary School Penge St John CE Primary School Pilgrim CE Primary School Platt CE Primary School Rainhom Sl Margaret CE Prlmary School Rusthall St Paul CE Primary School Seal CE Primary School Sevenoaks St John CE Primary School Shome CE Primary School Snodland CE Primary School Soulhborough CE Primary School St Paul's Cray CE Primary School St Mary's Island CE Primary School Slone Sl Mary's CE Prlmary School Strood Sl Nicholas CE Primary School Sundridge & Brasted CE Primary School Sutton at Hone CE Primary School Swanley Sl PBUI CE Primary School Sw8nley St Mary CE Primary School Troy Town Sl Margaret CE Pnm8ry School Trottiscliffe CE Primary School Tunbrtdge Wells St James CE Infants School Tunbridge Wells Sl James CE Junior School Tunbridge Wells si Maths CE Primary School Tunbridge Wells St Peters CE Pnmary School Wateringbury CE Primary School West Kingsdown Si Edmund's CE Prirnary School Wesl Malling CE Primary School Westerham Churchill CE Prlmary School Wrotham St George CE Primary School 19. TRUST FUNDS At th8 year end the charitable company held, in separate deposit accounts, £2.082,689 (2023.. £1.987,6991 on behalf of a number of Church ol England schools. At 37 Dec8mber 2023 New money received Purchase of investment8 Sale of investments Interest and dividends received Rentals ret￿l¥ed Withdrawals in respect of sundry grants Investment gain l {loss) 1.987,699 53 91,124 (5,3IXI) 9,113 At 31 December 2024 2,082,689 Page 31 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION ANO ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 XI. CONSOLIDATED COMPARATIVE ANALYSIS OF FUNDS 2023 1. Analysis of mo¥vments in Fund$ Consolidated UDr•strlcted Funds R•str•¢¢ed Endowmont Fund• Funds T¢)tal 2023 Ba18nce al 1 January 2023 270, 788 94.655 6,050.489 6,415.932 Income in the ￿ar 123,493 1,426,453 179.344 1,729,290 Expondilufe In the year 159,864) {1,799,1541 (1,859,018) Movements on Inv•8lments 10,564 462,920 473,484 Tran8fefS b*Iv￿on fund8 613.709 (613,709} Balan¢8 8131 December 2023 344,981 335,663 6,079,044 6,759,688 b Charlty Unrn4trlct•d Unr••trl¢t•d Restrl¢t•d Endowment Funds Fund$ Fund• Fund8 Corporate Sch¢>ol Consolldat•d Funds Improv•m•nts Educ•tlonal Endowm•nt• General Income C•pllal Totsl 2023 Balance al 1 January 2023 270,639 94,655 6.050,489 6,415,783 In¢om• In the year 57,060 7,091 1,426,453 179,344 1,869,948 Expondiluré In the y••r IS22) 11,799,154) {1.799,6761 Movements on Inveslmenls 10,$64 462,920 473,484 Tran$lers be￿ort fund$ 156,538) 56,538 613,709 1613,709) Balan¢e al 31 De￿rnber 2023 3M,832 335,663 6.079,OM 6.759.539 Page 32 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20. CONSOLIDATED COMPARATIVE ANALYSIS OF FUNDS 2023 2. Analysis of nel assets between Funds Con$olldal•d Tangiblè Flxed Ass•ts Fixed Assel Inv•sthients Net Current Assets Total 2023 Restricted Funds Consolidated Educalianal Endowments - Income 10,007 335.663 110,007} 335,863 Endowment FurKI6 Consolidated Educational Endowments- Caprtal 215,150 5,868,243 {4,349) 6,079,044 Unreslricled Fund8 Corporate Funds - General School Improvement Fund Non S6.538 613.709 1613.709) N•t movam•nt In funds 74.193 241,008 28,555 343,766 Fund balancas brought forw8rd as prevlously slated 270,639 94,655 6.050.489 6.415,783 Fund b•l•nce5 carrled forward 344.832 335.663 6.079.044 6.759.539 Pa9e 35 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22. CONSOLIDATED COMPARATIVE BALANCE SHEET AT 31 DECEMBER 2023 Consolldated Unro8trt¢led Funds Rostrlcted Funds Endowm•nt Funds Total 2023 Flxed A•8ei• Tangible Fixed Assets Investments 10,007 335.663 345,670 215.150 5,868,243 6,083.393 225,157 6.400,467 6.625.624 196,561 196,561 Current A8s•t• Debtors CBF Deposits Sarasin Deposits Bank Deposits Cash at Bank - Currenl Account Cash at Bank - 8uslness Reserye 57,488 40,772 15,369 33,183 72,857 73.955 68,864 68.864 25,000 82.695 323,371 29,349 82.695 160,596 (4,349) 167,124 {4,349) Curr•nt Llabllltle¥ CreditOTS 18,704 18,704 170,603 170.603 189,307 189.307 Net Current Assets l (Liabllftleg) 148,420 110,007) 14,3491 134,064 Total Assets Less Current Liabilities 344,981 335,663 6,079.044 6,759.688 Not Assets 344,981 335,663 6.079,044 6,759,688 Fund• Unrestricted - General Designated - School Improvements Restrlcted Endowment Non-charitable trading funds held by subsidiary (51> 344,832 (51) 3H,832 335,663 6,079.044 200 6,759,688 335,863 6,079.044 200 344,981 33S,663 6,079,044 Page 36 INCORPORATED ROCHESTER DIOCESAN BOARD OF EDUCATION AND ITS SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22. CONSOLIOATED COMPARATIVE BALANCE SHEET AT 31 DECEMBER 2023 b Charfty Unrestrlcted Vnr•strlct•d Restrlcted Endowm•nt Funds Funds Funds Fund• Corporat• School Consolldated Funds Improv•ments Educ•tlonal Endowmonts General Incom• Capllal Total 2023 Flxed AsJ•ts Tangibl$ Fixed Assets Investments 10,007 335.663 345,670 215,150 5 868 243 6,083,393 225,157 6400518 6,625.675 si 51 196 561 196,561 Curr•nt A•••t8 Debtors C8F Deposits Sarasin Deposlls 8ank Deposrts Cash al 8ank - Cvrrenl Account CA$h al Bank- Busin•i$ R•s•pie 50,538 28,869 15.369 33,183 65.907 73.955 11.903 68,864 68.864 25,000 29,349 82 695 160,596 (4.349) 11.903 148.271 (4,349) 316.420 Current Llablllll•s Cr¢ditOfS 182 557 182.557 11,954 170,603 N•t Cufr•nt AFwtsllLl•bllttl•sl (51 148,271 110.0071 (4,349) 133.864 Tot•1 Assets Les$ CurT•nl Lloblllll•8 344,832 335,863 6,079,044 6,759,539 N•1 A•e•ts 344,832 335,003 8,079,044 6,769,539 Fund* Unreslricled Reslricled Endowment 344,832 344,832 335,663 6.079.044 335,663 e,079.044 344.832 335.663 6,079.044 6,759,539 Page 37