Reglstered number: 3663851
Charlty number: 1091145
COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
CONTENTS
Page
Reference and admlnlstratlve detalls of the DBE. Its Trustees and advlsers
Trusteès, report
Independent auditor's report on the financlal statements
Statement of financlal actlvltles
9-12
13
Balance sheet
14
Statement of Cash flows
15
Notes to the financlal ststements
16-37

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE DBE, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
Mr Roderick Clark, Elected
Mr Michael Draper, Acting Chair (from 19 September 2023), Bishop's nomine8
Mrs Emma Griffiths, Elected
Mrs Sybil Hanson, Co-opted
Ms Sharon Jones, Elected
Mrs Claire Russell, Elected
Rev'd Diane Thompson, Elected
Mr Adam Walsh, Co-opted
Mrs Lindsey Wright, Co-opted
Right Rev'd Ruth Worsley, Acting Bishop of Coventry, Ex officio
Mr Chrislopher Edwards, Bishop's nominee (resigned 18 September 2023)
Bishop of Coventry.. The Rt Revd Dr Christopher Cocksworth, Ex officio (resigned
15 December 20231
The Ven Bary John Dugmore, Bishop's nominee (appointed 2 October 2023)
Rev'd Tlmothy Cockell, Bishop's nominee (appointed 2 October 20231
Company reglstered
number
3663851
Charlty reglstered
number
1091145
Reglstered offlce
The Benn Education Centre
Craven Road
Rugby
Wa￿ickshire
CV213JZ
Company secretary
Rev'd April Gold
Independent audltor
Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
Wesl Midlands
B69 2DG
Page 1

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees. who are also directors for the purposes of company law. present their combined trustees. and
direclors. report for Covenlry Diocesan Board of Education ('the DBE"), together with the audited financial
statements, for the year ended 31 December 2023.
Under the Diocesan Boards of Education Measure 2021, each diocese is r8quired to have a diocesan board of
education with the primary purpose being to promote or assist in the promotion of education in the diocese,
being education which is consistent with the faith and practice of the Church of England.
ObJectlve5 and actlvltles
a. Policies and objectives
'Inspiring schools to demonstrate the love of Christ as they educate for life in all its fullness. The DBE exists to
deliver the requirements of the Diocesan Boards of Education Measure 2021, in particular to:
promote or assist in the promotion of education in the diocese that Is consistent with the faith and practice
of the Church of England-
promote or assist In the promotion of religious eclucation and religious worshlp in schools In the dioces8;
promote or assist in the promotion of church schools in the diocese:
promote ctroperation between itself and other persons concerned with education in the diocese.
The DBE'S principal activity is to serve and equip Church of England schools and academies in Coventry diocese
to worship God, make new disciples and transform their communities. Services which relate directly to
obligations in the DBE Measure ar@ provided without charge, but the remaining suite of training, advice and
resources are provided under a Diocesan Service Agreement. In addition to services provided to schools, the
DBE also work in partnership wlth the Church of England Education Office, Regional Schools Commissioner,
Local Authorities and Multi Academy Trusts to ensure that all schools are well supported in performing their
statutory duties.
The principal beneficiaries of these services are the approximately 18,600 children and young people attending
the 76 Church of England schools and 8cademies in the diocese. Wider than this, the DBE also aims to promote
and assist in the promotion of education consistent with the faith and practice of the Church of England across
the diocese as a whole.
Other activities include trusteeship of the s.554 Twst, previously a number of separate uniform statutory trusts,
united into a single (registered charity) trust. The funds in this trust have arlsen from the retum to the Church of
England of its deemed share of the proceeds from the sale of fomier school properties. The permitted uses of
the capital are explained in note 19 to the financial statements. The DBE uses the investment income to
subsidise its services. These trusts also include the building which is occupied by the DBE as its principal and
registered office.
In addition, property in use by 29 of the Church of England schools in the Diocese is vested in the DBE as
trustee,. however there is no beneficial interest whilst the property is slill in use for the schools.
The trustees have had due regard to the Charity Commission's public benefit guidance when reviewing and
deciding what activities Ihe charity should undertake.
The trustees, vision to support schools to achieve demonstrable Christian distinctiveness in 8very aspect of the
educational experience is based on Jesus, words from Matlhew 5,13-16:
"You are the salt of the earth. But If the salt loses its saltiness. how can It be made salty again? It is no longer
Page 2

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarantee)
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Objectives and activities (contlnuedl
good for an￿hing, except to be thrown out and trampled underfoot.
"You are Ihe light of th8 world. A town built on a hill cannot be hidden. Neither do people light a lamp and put it
under a bowl. Inst&ad they put it on its stand, and it gives light to everyone In the house. In the same way. let
your light shine before others, that they may see your good deeds and glorify your Father in heaven..
b. Current strateglc objectlves Include
Facilitating partnerships between schools and parishes to worship God incamationally. The school building
and community are integral to the Church community in the parish. It is the way children, families and staff
encounter God. School becomes Church.
Intentionally co-creating a habitus and curriculum in our schools rooted In Wisdom, Hope, Dignlty and
Community. Schools develop a ￿aY of being" rooted in their Christian vision. This impacts curriculum
development and teaching practices encouraging loving relationships where we learn to work with others
and disagree well. Schools are radically inclusive. valuing diversity. embracing difference. nurturing
aspiratlon.
Inspiring others to "come and see" using a discipleship model to form collaborative school groupings.
Schools convert to become part of strong, collaborative MATS delivering high quality, value for money
education through CofE schools and community schools. Staff, children and families develop a language of
faith which they take with them beyond school.
Creating opportunities for school communities to become imagineers, calling out injustice to take action to
transform communities. Schools teach a Kingdom Curriculum asking big questions which encourage
children to imagine solutions and drive change. In the process developlng courag8ous advocacy and
leadership skills.
Achlevemenls and performance
a. Achievement5 With the prlnclpal actlvltles
The DBE provides support to all Church of England schools and academies in the Diocese in accordance with ils
statutory obligations and receives a core grant from the Dio¢esan Board of Finance towards these costs.
Additional services are provided through a Diocesan Service Agreement. In the academic year 22123 all schools
signad up to the DSA with 75176 signing up in 23124. We have continued to provide regular Head Teacher
briefings and a wide range of CPD for all levels of leadership within schools all focussed upon Christian
Distinctiveness. We were pleased to be able to host a face to face Governors Conference in November. This
conference focussed upon the Growing Faith Agenda and how schools and parishes working together can
ensure that we uphold the Christian Foundations of our schools whilst meeting the needs of the least and the
lost. We also considered the National Society's document "Our Hope for a Flourishing Schools System.
reminding govemors that together we represent the system and have collective responsibility to ensure that ALL
children in the Diocese are in a nurturing school which supports the development of the whole child. At our Head
Teacher Conference in June we focussed upon the role of twst in leadership and equipped Heads with some
techniques for effective team collaboration and self reflection.
In September 2023 the Beacon project concluded its work and Sussex University reported their findings of the
impact of the pilot. The Evaluation report demonstrates that the project builds an ethic of relatedness of care
both within the staff group, between the staff and children but also be￿een the school and parents. The
refleclive practice and supervision elements of the project improved staff self-awareness and wellbeing enabling
vulnerable children and families to be supported by the whole school. The added capacity of a Family Link
Page 3

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (contlnued)
Worker ensured that strong relationships were built between the school and vulnerable famiSies and that these
families felt they had a single point of call who advocated for them and with them. The project will continue with a
small MAT lrialling the approach across their family of schools and one school sharing its student and stsff
wellbeing model across other schools Sn the Diocese.
During 2022123 it became even more apparent that the increasing SEND needs in our schools is placing
pressure on families and school communities. Combined with limited funding and a lack of access to specialist
support staff such as Educational Psychologists and specialist TAS our schoo15 are reporting an emerging crisis.
During 23124 the D8E will consider how it continues to speak into the space of radical inclusion with a view to as
many children as possible having their educational needs met within their local school communities, and how it
can support the provision of specialist educational communities to meet the needs of those who can't be
educated in their local school.
In June 2023 the DBE hosted ALIVE 2023 a Praise Party and Plcnlc for 9,000 Key Stage 2 children and staff al
NAEC Stoneleigh. The event was a huge success and we successfully commissioned 8,000 World Changers.
Following the event in June 2023 the DBE has continued to work with schools and parishes to further develop
the school and church link and a number of new after school events have started. Thes8 are varied and
represent the gifts and talents of local schools and parishes with a flourishing World Changers Club at St Johns
CofE Academy in Coventry, a Parent Alive Breakfast in Hatton, "Hive Alive" family weekend events in CV4 and a
Soul Chlldren Choir in Walsgrave St Mary's. The DBE is keeping the party going through a Diocesan Partnership
with i-sing-pop in 2024 and a bid to the national Church Commissioners for funding to plant 5 Flourish Church in
schools worshipping communities.
SIAMS inspections were carried out in 15 schools. 5 achieved Excellent Outcomes and 8 Good outcomes uncler
the old framework. 2 schools were inspected under the new framework and were confirmed to be living up to
their foundation as Church Schools. We continue to have no schools who are graded as requires improvement
or inadequate and it is heartening to read how well our schools have thought through their contextual Christian
vision and are using it to drive all of their work.
OFSTED vlsited 22 schools during 2023 with 19 recelving a 'Good' classlfication, 4 of these making progress
from a previously requires improvement judgement. Two schools received a requires improvement classification,
one for the second time which has resulted In a Direct Academy Order and one school received a serious
weaknesses classification also triggering a Direct Academy Order. The DBE continues to work with Local
Authorities, Multi Academy Tnjsts and the Department for Education to ensure that schools have appropriate
school improvement 5UPPOrt when needed. Overall, Diocesan schools are 90Y. Good or better in terms of
OFSTED grades compared to a national picture of 880/0.
The DBE continues to provide support and advice to those schools that have not yet converted to become an
academy as they determine the best course for their future. Four schools became academies during 2023.
Through activities which promote and assist education in the diocese, consistent with the falth and practice of the
Church of England, the trustees are confident that a significant benefit has been delivered for a significant
sectlon of the public- our children and young people.
b. Volunteers
These activities and achievements depend upon significant amounts of time contributed by 12 unpaid DBE
members. 16 Members and 44 Directors of the 6 DBE controlled Multi Academy Trusts. alongside 233
foundation govemors in individual schools, who contribute to the strategic development of the DBE. The value of
this time cannot be quantified and recognised in the financial stslements of the DBE. but it is not forgotten and is
of huge benefit.
Page 4

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Achlevements and performanc8 (continued)
Financial review
Totsl income in th8 y8ar was £621,000 (2022: £499,000). Grants from Coventry Diocesan Board of Finance
Included in this figure amount8d to £160,000 (2022:£159,000).
After expenditure and gains on investments the net income for the year was a surplus of £602,000 (2022: deficit
of £882,000). The net income on unrestricted operalions was a surplus of £18,00012022.'deficit of £41,000).
Investments
The DBE'S investment policy as trustee of the s.554 Trust is to safeguard capltal values of Investments In real
terms over the long term and lo produce real growth in net investment income, whilst complying with the Church
of England Ethical Inveslmenl Policy.
Investments are principally held in Iwo funds managed by CCLA Investment Management Limited -the CBF
Church of England Investment Fund and the CBF Church of England Global Equity Income Fund. The total value
of investments at 31 December 2023 was £6.6 million (2022.. £5.9 million).
The Trustees decided to consolidate all their investments with CCLA Investment Management Limited, to ensure
compliance with the r8quirements of the Church of England's Ethical Investment Policy, and the transfer of funds
out of Brewin Dolphin was effected during the first half of the year.
Reserves pollcy
Reserves held in restricted or designated funds are held for the purpose of those funds, as described in nole 21
to the financial statements. Free reserves are held in the DBE'S General Fund. The trustees, reserves policy is lo
ensure the provision of adequate financial resources in an environment of constant change and increasing
challenge, wilhout having to make sudden increases in charges for seNices. The policy is therefore for General
Fund reserves not he5d in fixed assets to be within a wide range of between three and twelve months. worth of
the year's lotal resources expended.
General Fund reserves not held in fix8d assets at 31 December 2023 were £658.000 {2022: £693,000),
amounting to 12 months (2022.12 months) of the total resources expended in the year, whlch was therefore
within the policy range.
Plans for future periods
The DBE plans to continue and to exlend its existing activities, and in particular-
to continue to provide quality services to Church of England schools and academies and other schools
who wish to participate at a time when their own budgets are facing ever increasing pressures.,
b)
to continue to develop the Christian distinctiveness of schools in partnership with parishes and the whole
diocese, as they work together to enable their communities to live life in all its fullness.
to work wlth the six CofE majority MATS in the Diocese, maintained schools, local authorities and the DFE
Regional Director to develop a pipeline of conversions so that every school is in a strong MAT by
September 2030.
Page 5

COVENTRY DIOCESAN BOARD OF EDUCATION
{A company limited by guarantee)
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
d)
to support schools who remain in the maintained sector to secure school improvement and financSal
support from their LA.,
to support opportunities for growth. both at existing schools and on new houslng developments.
to support schools in focusing upon Improvlng educational provision for children with sp8cial educational
and Social Emotional and Mental Health Needs in partnershlp with the local church withln the communlty;
g)
to ensure that these actlvities are financed sustainablywhilst keeping the General Fund reserves in line
with the reserves policy.
h)
to bless the church schools in the diocese and the children attending them with new ways to experience
the love and challenge of demonstrating the love of Christ
Govemance and management
The DBE operates in accordanc8 With the measure and its articles of association, which were last updated by a
special resolution of the Board on the 6th January 2022 to come into effect on 1 March 2022.
The members of the DBE are members of the company for the purposes of company law, and as such each
have a personal liability limlted lo £1 under thelr guarantee as company members. They are also the trustees of
the DBE and the directors of the company for the purposes of company law. DBE members are determined by
the measure and the DBE'S articles of association and in 2023 comprised.. the Bishop of Coventry; three persons
appointed by the Bishop; five members elected by Diocesan Synod; and four persons co-opted by the DBE
Board. Induclion of new members is carried out by providing them with a summary of their responsibilities and
other briefing material on appointment.
The DBE members, as trustees and directors, have and accept ultimate responsibility for directing the affairs of
the DBE. The DBE Board has one sub-committee, the Business and Investment Committee. A skills audit is
carried out Periodically and skills ar8 matched wherever possible to ensure sub-committee membership includes
an appropriate skill base.
Day to day management is delegated by the trustees to the Diocesan Director of Education, who is appointed by
the Blshop of Coventry. The Dlocesan Dlrector of Educatlon is also the Company Secretary.
Under the leadership of the Diocesan Director of Education. the DBE maintains a Risk Register that identifies
and assesses the key risks to the organisation and how these can be mitigated. This is updated as risks change
and is reviewed at least annually by the Business and Investment Committee and the DBE Board. The major
risks currently identified include changes to the level of income receivable, particularly from grants; financial
andlor political pressure on schools, budgets threatening their ability to provide quality worship and RE teaching.
insufficient suitably skilled and experienced people to fill foundation govemor posts. competition from secular
multi academy trusts seeking to acquire church schools and change their core purpose.
The s.554 Trust
The DBE is the soSe {corporate) Iwstee of the s.554 Trust. In that capacity. the DBE has allocated the investment
income and the use of the buildings of the trusts for the DBE'S aGtivities, subject to uses in accordance with
section 554 of Ihe Education Act 1996, which are set out in the notes to the financial statements.
Page 6

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Related Partles
The s.554 Trust is related to the DBE by virtue of the DBE being its corporate trustee and applwng the
investment income arising for the DBE'S purposes, subject to the statutory restrictions applying to that income.
Accordingly, the assets of the s.554 Trusl, although not owned by the DBE in its own right, are included with the
financial slalements of the DBE.
Statement of Trustees, responsibilities
The Trustees (who are also the directors of the DBE for th8 purposes of company law) are responsible for
preparing the Trustees, report and the directors, report and the financial slatemenls in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
Company law requires the trustees to prepare financial slatements for each financial year which give a true and
fair view of the state of affairs of the charitable company and of the incoming resources and application of
resources, including the income and expenditure, of the charitable company for that period. In preparing these
financial statements, the trustees are required to:
select suitable accounting policies and then apply them conslstently.,
observe the methods and principles of the Charities SORP.
make jud9emenls and accounting estimates that are reasonable and prudent.
stale whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements., and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al
any time the financial position of the charitable company and enable them lo ensure that the financial statements
comply with the Companies Act 2006. They are responsible for safegu8rdin9 Ihe assets of the charitable
company and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities.
They are also responsible for the maintenance and integrity of the DBE'S corporate and financial information
included on the DBE'S websile. Legislation in the United Kingdom goveming the preparation and dissemination
of financial statement may differ from 5egislation in other jurisdictions.
Dlsclosure of Inforniatlon to audltor
The trustees who were in office on the date of approval of these financial statements have confirmed, as far as
they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the trustees
has confirmed that they have taken all the steps that they ought to have taken as truslees and directors in order
to make themselve5 aware of any relevant audil information and to establish that it has been communicated to
the auditor.
Page 7

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limlted by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Audltor
The audit went to tender and Crowe were reappointed in 2023. A resolution to reappoint Crowe U.K. LLP as
auditor to the company and to authorise the Board of Directors to fix the auditor's remuneration will be proposed
at the Annual General Meeting.
Approved
f the members of the board of Trustees and signed on their behalf by:
Mr Michael Draper
(Chair of Trustees)
Date:
Page 8

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY DIOCESAN BOARD OF
EDUCATION
Oplnlon
We have audited the financial statements of Coventry Diocesan Board of Education for the year ended 31
December 2023 which comprise the Statement of financial activities, the Balance sheet, the Statemenl 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 Uniled 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 stalements:
glve a true and fair view of the state of the charitable companls affairs as at 31 December 2023 and of its
incoming resources and application of resources, including its income and expenditure for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audlt In accordance with Inlemational Standards on Auditing IUKI IISAS {UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in Ihe Uniled 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.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of
accounting in the preparation of the financlal ststements is appropriate.
Based on the work we have performed, we have not Identlfied 8ny materlal uncertaintles relating to events or
condilions that, individually or collectively, may cast significant doubt on the charitable companls ability lo
continue as a going concern for a period of at least ￿e1ve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of Ihis report.
Page 9

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY DIOCESAN BOARD OF
EDUCATION (CONTINUED)
Other Informatlon
The other infomiation comprises the infomation included in the Annual report other than the financial statements
and our Auditor's report thereon. The Trustees are responsible for the other information contained within the
Annual report. Our opinion on Ihe financial stalements does not cover the other information and, except to the
extent olherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
spon5ibility 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 thems8lv8s. If, based on th8 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.
Opinlon on other matters prescribed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the infonnation given in the Trustees, Report for the financial year for which the financial statements are
prepared is consistent with the financial statements.
the Trustees, Report has been prepared in accordance with applicable legal requirements.
Matters on whlch we aro requlred to report by exceptlon
In the light of our knowledge and understanding of the charitable company and its environment obtained in the
cours& of the audit, have nol id8nlif18d material misstatements in the Trustees, Report.
We have nothing to report in respect of the followlng matters In relation to whlch CompanSes Act 2006 requI￿S
us to report to you if, in our oplnlon:
adequate accounting records have not been kept, or retums adequate for our audit have not been
received from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and retums; or
certain disclosures of Trustees, remuneration specified by law are not made; or
we have not received all the infomiation and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and
from the requirement to prepare a Stralegic Report.
Page 10

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY DIOCESAN BOARD OF
EDUCATION (CONTINUED)
Responslbilltles of trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the
charitable company for the purposes of company law) are responsible for the preparation of the financial
slatemenls and for being satisfied that they give a true and fair view, and for such internal control as the
Trustees determine is necessary to enable the preparation of financial statements thal are free from material
misstatement. whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable companys 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 Trustees 81ther intend to liquidate the charitable company or to cease
operations. or have no realistic alternative but to do so.
Audltor's responslblllties for the audlt of the flnanclal statements
Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free
from material misstatement, whether due lo fraud or error, and to issue an Auditor's report Ihat 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.
Irregularities, including fraud, ar8 instances of non-compllance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of Irregularilies,
including fraud. The extent to which our procedures are capable of detecting irregularlties, including fraud is
detailed below..
We obtained an understanding of the legal and regulalory frameworks within which the Company operates,
focusing on those laws and regulations that have a direct effect on the determination of material amounts and
disclosures in the financial stalemenls. The laws and regulations we considered in this context were the
Companies Act 2006. 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 Company's ability to operate or to
avold a material penalty. We also considered the opportunities and incentives that may exist within the Company
for fraud. The laws and regulations we considered in this context for the UK operations were General Data
Protection Regulation (GDPR), Anti-fraud, bribery and corruption legislation, environmental protection legislation,
Health and safety legislation. Taxation legislation and Employment legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations
to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud,
to be in the following areas: timing of recognition of income., the ove￿Ide of controls by management, including
posting of unusual journals. inappropriate treatment of non-routine transactions and areas of estimation
uncertainty. and manipulating the Company's key perfonnance indicators to meet management targets.
Our audit procedures to respond to these risks included enquiries of management about their own identification
and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing
on the posting of journals and income transactions and review of accounting estimates for biases.
Page11

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY DIOCESAN BOARD OF
EDUCATION (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a mat8rial mi55tatement In the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment. forgery, collusion, omission or misrepresentation.
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.or
.uk18uditorsres
onsibilities. This description fomis part of our
Auditorfs report.
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 mighl state to the charitable
company's members those matters we are required to state to them in an Auditorfs report and for no other
purpose. To the fullest exient pemiitted 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 fomied.
Helen Blundell LLB FCA FCIE DChA (Senlor statutory auditor)
for and on behalf of
Crowe U.K. LLP
Statutory Auditor
Black Country House
Rounds Green Road
Oldbury
West Midlands
869 2DG
Date..
Page 12

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023
un￿strIcted
funds
2023
£000
Restricted Endowment
funds
funds
2023
2023
£000
£000
Total
funds
2023
£000
Total
funds
2022
£000
Note
Income and
endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
301
89
12
12
313
89
210
75
12
207
207
207
Total income and
endowments
402
219
621
499
Expendlture on:
Raising funds
Charitable activities
38
346
38
658
42
597
312
Total expendlture
384
312
696
639
Net
Incomel(expendlture)
before net
galnsl(losses) on
Investments
Net gainsl(losses) on
Investments
18
(93)
(75)
(140)
677
677
(742)
Net
Incomel(expendlture)
Transfers between
funds
18
(93)
677
602
(882)
21
(53)
(11)
Net movement In
funds
(35)
(29)
666
602
(882)
Reconclllatlon of
funds:
Total funds brought
foNard
Net movement in funds
693
(35>
186
(29)
6,069
666
6,948
602
7,830
(882)
Total funds carrled
forward
658
157
6,735
7,550
6,948
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 37 form part of these financial statements.
Page 13

COVENTRY DIOCESAN BOARD OF EDUCATION
{A company limited by guarantee)
REGISTERED NUMBER: 3663851
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
£000
2022
£000
Note
Flxed assets
Tanglble assets
Investments
15
16
352
360
6,716
5.889
7,068
6,249
Current assets
Debtors
Cash at bank and In hand
17
93
1,064
113
1,039
Current Ilabllltles
1,157
1,152
Creditors: amounts falling due within one
year
19
1675)
(453)
Net current assets
482
699
Total net assets
7,550
6,948
Charlty funds
Endowment funds
Restricted funds
Unrestricted funds
21
21
21
6,735
157
658
6,069
186
693
Total funds
7,550
6,948
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to
the small companies regime.
The financial statements were approved and 8uthorised for Issue by the Trustees and signed on their behalf by:
per
(Chair of Trustees)
Date:
,) &2+
The notes on pages 16 to 37 form part of these financial statements.
Page 14

COVENTRY DIOCESAN BOARD OF EDUCATION
IA company limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
£000
2022
£000
Note
Cash flows from operatlng actlvltles
Net cash used in operating aGiivities
24
(32)
(436)
Cash flows from Investlng activlties
Dividends, interests and rents from Investments
Proceeds from sale of investments
Purchase of investments
207
207
2,692
(2,918)
(150)
Net cash provided byl(used in) Investlng activltles
57
{19)
Change In cash and cash equlvalents In the year
Cash and cash equivalents at the beginning of the year
25
(455)
1,494
1,039
Cash and cash equlvalents at the end of the year
25
1,064
1,039
The notes on pages 16 to 37 form part of these financial slatement8
Page 15

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
General Informatlon
The company Is a company limited by guarantee Iregislered number 3663851), which is incorporated and
registered in England and Wales. Its charity reglstration number is 1091145. The registered office and
principal place of business is The Benn Education Centre, Craven Road, Rugby, Warwickshire, CV21
3JZ.
The principal activity is to serve and equip Church of England school and academies in Coventry diocese
to worship God, make new disciples and transform their communities.
Accountlng pollcles
2.1 Basls of preparatlon of flnanclal statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 1021
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reportlng Standard
applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006.
Coventry Diocesan Board of Education meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost except the fixed asset investments
which are included al fair value at the balance sheet date.
The trustees are satisfied Ihat the DBE has adequate resources to continue to operate as a going
concern for the foreseeable future and have prepared the financial statements on that basis.
2.2 Income
Income is included in the Statement of Financial Actlvities when the charity is legally entitled to It,
ultimate receipt is probable and and the amount to be recognised can be quantified with reasonable
accuracy.
Investment income from the managed portfolio is recognised when received by the fund manager.
Investment income from Common Investment Funds managed by CCLA Investment Managers Ltd is
recognised when dividends are declared.
Income is recognised as defe￿ed where the event or period to which the income relates occurs
beyond the end of the financial period being reported on.
2.3 Expendlture
Expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate similar costs under 8ach category of the Statement of Financial Activtt18S.
Support costs conslst of staff costs, office costs, building costs and governance costs. All support
costs are allocated to the purpose of charitable activities. Costs are allocated to activities using a time
recording method.
Pension costs are charged to the Statement of Financial Activities in the year for which contributions
are payable.
Page 16

COVENTRY DIOCESAN BOARD OF EDUCATION
{A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollcles (contlnued)
2.3 Expendlture (contlnued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each aclivily. Direct costs attributable to a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support cosls which are
not attributable to a single activity are apportioned between those aclivities on a basis consislent with
th8 use of resources. Central staff costs are allocaled on the basis of time spent, and depreclation
charges allocated on the portion of the asset's use.
Expenditure on ralslng funds Includes all expendilure incurred by the DBE to raise funds for its
charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
DBE'S objectives, as well as any associated support costs.
2.4 Tanglble fixed assets and depreclatlon
Tangible fixed assets costSng £5,000 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tan9ible 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 assel into its intended working condition should be
included in the measurement of cost.
Depreciation is charged so as to allocate the cost of langible fixed assets less their residual value
over Iheir estimated useful lives. using the straight-line method.
Depreci81ion is provided on the following bases:
Freehold prop8rty
Office equipment
50 years
- 4 years
No depreciation is provided on freehold land.
2.5 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 impaimient. Investment gains
and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on
investments, in the Statement of financial activities.
2.6 Debtors
Debtors are measured at the transaction price less any impairment losses.
Page 17

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollcles (contlnued)
2.7 Cash at bank and In hand
Cash and cash equivalents include cash at bank and short temi deposits with any qualifying
institutions repayable on demand without notice.
2.8 Liabilities and provisions
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity
to pay out resources. Creditors are measured at transaction price less any amounts settled.
2.9 Agency arrangements
The charity acts as agent in the co118Ction of grants from govemm8nt, local authorities and other
funds, and payment of approved invoices for school building projects on behalf of certain Church of
England schools in the diocese. This income and expenditure is excluded from the income and
expenditure of the charity and any balances due from or held on behalf of schools are excluded from
the balance sheet and ￿ported separately in the notes to the financial statements.
2.10 Fund accountlng
General funds are unrestricted funds which are available for use at the discretion of th8 Trustees in
furtherance of the general objectives of the DBE and which have not been designated for other
purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial
statements.
Restricled funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the DBE for particular purposes. The aim and use of each
restricted fund is set out in the notes to the financial statements.
Endowment funds are funds to be retained as capital funds held on trust by The Coventry Diocesan
Board of Education s.554 Trust, registered charity number 1159313, for which the DBE is the sole
(corporate) trustee. As there is power of discretion for the trustee to convert th8 endowed funds into
income, the funds are classed as expendable endowment.
Crltl¢al accountlng estlmates and areas of Judgement
Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
rcumstances.
Critical accounting estimates and assumptions:
The DBE makes 8Stimat8s and assumptions conc8ming the future. Th8 resulting accounting estimat8S
and assumptions will, by definition, seldom equal the related actual results. The estimates and
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are discussed below.
Page 18

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Income from donatlons and legacies
Unrestricted Restricted
funds
funds
2023
2023
£000
£000
Total
funds
2023
£000
Grants
Grants from Coventry Diocesan Board of Finance Limited
Alternative Provision
160
160
12
12
160
12
172
Donations
141
141
Subtotal
141
141
Total 2023
301
12
313
Unreslricted
funds
2022
£000
Restricted
funds
2022
£000
Total
funds
2022
£000
Grants
Grants from Coventry Diocesan Board of Finance Limited
Allchurches Trust
Culham St Gabriel
159
159
10
10
159
10
169
Donations
Grants
36
36
Subtotal
36
41
Total 2022
164
46
210
Page 19

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarant88)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Income from charitable actlvltles
Unrestrlcted
funds
2023
£000
Total
funds
2023
£000
Services to schools and academies
89
89
Unrestricted
funds
2022
Tot81
funds
2022
£000
Services to schools and acad8mies
75
75
Income from other tradlng actlvltles
Income from non charltable tradlng a¢tlvltles
Unrestrlcted
funds
2023
£000
Total
funds
2023
£000
Accommodation charges
12
12
Unreslricted
funds
2022
£000
Total
funds
2022
£000
Accommodation charges
Page 20

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Investment Income
Restricted
funds
2023
£000
Total
funds
2023
£000
Rental income
Dividend income
Bank interest
196
196
Total 2023
207
207
Restricted
funds
2022
£000
Tot81
funds
2022
£000
Rental income
Dividend income
Bank interest
195
195
Total 2022
207
207
Investment management costs
Unrestricted
funds
2023
£000
Total
funds
2023
£000
Accommodation costs
38
38
Page 21

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Investment management costs (contlnued)
Unrestricted
funds
2022
£000
Restricted
funds
2022
£000
Total
funds
2022
£000
Investment management costs
Accommodation costs
10
10
32
32
Total 2022
32
10
42
Analysls of expendlture on charftsble a¢tlvltles
Summary by fund type
Unrestrlcted Restrlcted
funds
funds
2023
2023
£000
£000
Total
2023
£000
SeNlces to schools and academles
Oth8r
346
236
76
582
76
Total 2023
346
312
658
Unrestricted
funds
2022
£000
Restricted
funds
2022
£000
Total
2022
£000
Services to schools and academies
Other
255
217
125
472
125
Total 2022
255
342
597
Page 22

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysls of expenditure on charltable actlvlties (contlnued
Summary by expendlture type
Staff costs Other costs
2023
2023
£000
£000
Total
2023
£000
Services to schools and academies
Other
281
301
76
582
76
Total 2023
281
377
658
Staff Gosts Other cos¢s
2022
2022
£000
£000
Total
2022
£000
Services to schools and 8cademies
Other
247
225
125
472
125
To¢al 2022
247
350
597
10. Analysls of expendltur8 by actlvltles
Purchased
servlces
and
materlals
2023
£000
Support
costs
2023
£000
Total
funds
2023
£000
Services to schools and academies
Other
339
76
243
582
76
Total 2023
415
243
6S8
Page 23

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10. Analysls of expendlture by actlvltles (contlnued)
Activities
undertaken
direGtIy
2022
£000
Support
osts
2022
£000
Total
funds
2022
£000
Services to schools and academies
Other
305
125
167
472
125
Tolal 2022
430
167
597
Analysls of support CO8ts
Govemance costs includes extemal audit fees of £9,000 (2022 - £10,000) and legal and professional
fees £nil {2022 - £6,000).
11. Audltorfs remuneratlon
2023
£000
2022
Fees payabl8 to the DBE'S auditor for th8 audit of the DBE'S annual
accounts
Fees p8yable to the DBE'S 8udilor in respect of..
All non-audit services not included above
12.
Staff costs
2023
£000
2022
£000
Wages and s81aries
Social security costs
Contribution to defined contribution pension schemes
236
21
24
209
17
21
281
247
Page 24

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12. Staff costs (contlnued)
The average number of persons employed by the DBE during the year was as follows..
2023
2022
Administration and support
The average headcount expressed as full-time equivalents was:
2023
2022
No.
Administration and support
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was..
2023
No.
2022
No.
In the band £80,001- £90,000
Key management personnel are those having authority and responsibility, delegated to them by the
trustees, for planning, directing and controlling the activities of the charity. The remuneration for key
management personnel. including employer's national insuranc@ and pensions contributions was
£100,521 (2022 - £88,933).
13. Trustees and volunteers
The DBE benefits from significant amounts of time contributed by unpaid DBE members (who are also
trustees) and other volunteers by their attendance at meetings and contribution to the strategic
development of the DBE. The value of this time cannot be quantified and recognised in the financial
statements of the DBE.
Page 25

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14. Trustoes. remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 December 2023, expenses totaling £24 were reimbursed or paid directly to 1
Trustee (2022 £153 to 5 Trustees). These expenses relates to claims made by trustees for attending
DBE meetings.
15. Tangible fixed assets
Freehold
land &
buildings
£000
Office
equlpment
£000
Total
£000
Cost or valuatlon
At 1 January 2023
410
33
443
At 31 D8cember 2023
410
33
443
Depreclatlon
At 1 January 2023
Charge for the year
53
30
83
At 31 December 2023
58
33
91
Not book value
At 31 December 2023
352
352
At 31 December 2022
357
360
All tangible fixed assets were used for direct charitable purposes.
Freehold land & buildings includes land of £153,000 which is not depreciated.
Page 26

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
16.
Flxed asset Investments
Unlisted
Investments
£000
Cost or valuation
At 1 January 2023
Additions
Gains
5,889
150
677
At 31 December 2023
6,716
Investments are held primarily to provide an investment return. Unlisted investment conslst of holdings In
CBF Church of England Common Investment Funds managed by CCLA Investment Managers Ltd.
17. Debtors
2023
£000
2022
£000
Due wlthln one year
Trade debtors
Prepayments and accrued income
29
64
64
49
93
113
18. Cash at bank and In hand
Cash and cash equivalents include short term deposits of £281,000 (2022 - £431,000) and cash balances
held as agent on behalf of Diocesan schools of £338,000 (2022- £373,000).
Page 27

COVENTRY DIOCESAN BOARD OF EDUCATION
{A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
19. Credltors: Amounts falllng due wlthln one year
2023
£000
2022
Trade creditors
Other taxation and social security
Pension contributions
Accruals and deferred income
270
13
25
51
338
41
373
Balances held as agent on behalf of Diocesan schools
675
453
20.
Flnancial Instruments
2023
£000
2022
Flnanclal assets
Financial assets measured at falr value through Income and expenditure
6,716
5,889
Financial assets measured at fair value through Income and expenditure compris8 listed and unlisted
Investments.
Page 28

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21. Statement of funds
Statement of funds - current year
Balance at
31
Galnsl December
<Losses>
2023
£000
£000
Balance at 1
January
2023
£000
Transfers
inlout
£000
Income Expenditure
£000
£000
Unrestrlcted
funds
Deslgnated
funds
Lucy Price Fund
266
(64)
202
General funds
General Funds
427
402
(384)
11
456
Total
Unrestrlcted
funds
693
402
(384
{53)
658
Endowment
funds
s.554 Trust
Capital Fund
6,069
111)
677
6,735
Restrlcted
funds
The Beacon
Fund
Cullham St
Gabriel Grant
s.554 Trust
Income Fund
REC Worldwide
(64)
(3)
178
215
(241)
(4)
152
186
219
(312)
157
Total of funds
6,948
621
(696)
677
7.550
Page 29

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.
Statement of funds (continued)
Descriptlon of Funds:
.554 Trust Capital Fund - Expendable Endowment
The s.554 Trust Capital Fund consists of the funds and propety of The Coventry Diocesan Board of
Education s.554 Trust ("the s.554 Trust"), registered charity number 1159313 for which the DBE is the
sole (corporate) trustee. These assets arose from redundant educational properties and their sales
proceeds. The assets were originally held under separate unifomi statutory trusts with the same
permitted uses. treated in recent years as a single trust and fund for the purposes of inclusion in these
financial statements. On 5 March 2014, the DBE members passed a resolution to manage the unifomi
statutory trusts as a slngle united charity, which was registered with the Charity Commission on 21
November 2014.
The DBE as trustee of the s.554 Trust may, after payment of any expenses incurred in connection with
the administration of the trusts, apply the capital of th8 s.554 Trust's assets..
(a) In or towards the purchase of a site for, or the erection, improvement or enlargement of:
(i) the premises of any Church of England school in the Diocese of Coventry or
{ii) the premises of a teachers, house for use in connection with any Church of England school in
the Diocese of Coventry., and
(b) for the maintenance of any Church of England school in the Diocese of Coventry or of a teacherfs
house for use in connection with any Church of England school in the Diocese of Coventry
.554 Trust Income Fund - Restrlcted
This fund has arisen from income from the assets of the Uniform Statutory Twsts which are combined
into a single trust as described above. This fund may be used for any of the following purposes..
(a) for the same purposes as the s.554 Trust Capital Fund as laid out above.
(b) in or towards the provision of advice, guidance and resources (including materials) in connection with
any matter related to the management of. or education provided at. any Church of England school in the
Diocese of Coventry.
Ic) the provision of services for the carrwng out of any inspection of any Church of England school in the
area required by Part 1 of the School Inspection Act 1996(a)', and
(d) to defray the cost of employing or engaging staff In connectSon with the appllcatlon of the s.554 Trust
Income or Capital Funds.
The Beacon Fund - Restricted
The Beacon Project has been estsblished to fund a new approach to working with children at risk of
exclusion focusing upon improving educational provision through trauma and attachment aware practices
for children with social, emotional and mental health needs ISEMH). Grants and donations received for
the specific purpose of supporting this project are accounted for in this fund. Project expenditure in
excess of the restricted funds receivable is funded out of the Lucy Price designated fund.
Lucy Prfce Fund - Deslgnated
This fund was 8Stablished when th8 Lucy Price Wasperton Estate Charity made a donation to th8 DBE of
£515.000 upon its winding up and realisation of its assets in 2018. The twstees have resolved that this
donation should be designated for specific purposes, which include the bidding for new schools,
supporting school improvement and academisation in existing voluntary aided and controlled schools and
creating additional altemative provision in existing or new schools (including the Beacon Project).
Page 30

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21. Statement of funds Icontlnued)
REC Worldwide
Jennifer Jenkins, RE and Spirituality Officer. has been selected by the Religious Education Council to
lead one of three teams set up to creale a framework and exemplary units lo exemplify best practice in
Religion and Worldviews in Religious Education. This is a project of national significance as it will infomi
the way that religious education is taught in Ihe context of worldviews, a paradigm change in the way
religious education is taught. Jennifer's team is focusing on the theme of reconciliation, which lies at the
heart of the mission of the Coventry Diocese.
General Fund
Unr8stricted funds that are not held for any specific purpose are held in the General Fund.
Page 31

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21. Statement of funds (Contlnued)
Statement of funds - prlor year
BalanGe al
31
December
2022
£000
Balan￿ al
7 January
2022
Transfers
in/out
G8ins/
(Losses)
£000
Income Expenditur8
£000
£000
Unrestrlcted
funds
Deslgnated
funds
Lucy Price Fund
419
(153)
266
General funds
General Funds-
all funds
405
246
(287)
63
427
Total
Unrestricted
funds
824
246
(287)
(90)
693
Endowment
funds
s.554 Trust
Capital Fund
6.811
(742)
6,069
Restrlcted
funds
The Beacon
Fund
35
(125)
90
Cullham St
Gabriel Grant
s.554 Trust
Income Fund
REC Worfdwide
10
(9)
192
203
{217)
(1)
178
195
253
(352)
90
186
Total of funds
7. 830
499
(639)
(742)
6,948
Page 32

COVENTRY DIOCESAN BOARD OF EDUCATION
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
22. Summary of funds
Summary of funds - current year
Balance at
31
Galnsl December
(Losses)
2023
£000
£000
Balance at 1
January
2023
£000
Transfers
inlout
£000
Income Expenditure
£000
£000
Designated
funds
General funds
Endowment
funds
Restricted funds
266
427
(64)
11
202
456
402
(384)
6,069
186
(11)
677
6,735
157
219
(312)
6,948
621
(696)
677
7,550
Summary of funds - prlor year
Balance 8t
31
December
2022
£000
881ance al
1 January
2022
£000
Transfers
in/oul
£000
Gains/
(Losses)
£000
Income Expenditure
£000
£000
Designated
funds
General funds
Endowment
funds
Restricted funds
419
405
(153)
63
266
427
246
(287)
6,811
195
(742)
6,069
186
253
(352)
90
7,830
499
(639)
(742)
6,948
Page 33

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
23. Analysls of net assets between funds
Analysls of net assets between funds - current year
Unrestricted Restricted Endowment
funds
funds
funds
2023
2023
2023
£000
£000
£000
Total
funds
2023
£000
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
183
169
6.566
352
150
1,183
(675)
6,716
1,157
(675)
(26)
Total
658
157
6,735
7,550
Analysls of net assets between fundg - prlor year
Unrestricted
funds
2022
£000
Restricted Endowment
funds
funds
2022
2022
£000
Total
funds
2022
£000
Tangible fixed assets
Fixed ass8t investments
Current assets
Creditors due within one year
179
180
5,889
360
5,889
1,152
(453)
1, 145
(453)
Total
693
186
6.069
6,948
Page 34

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
24. Reconclliatlon of net movement In funds to net cash flow from operatlng actlvltles
2023
£000
2022
£000
Net incomelexpenditure for the year (as per Statement of Financial
Activities)
602
(882)
Adjustments for:
Depreciation charges
ILosses)IGain on investments
Dividends, interests and rents from investments
Decrease in debtors
Increasel(decrease) in creditors
{677)
<207)
20
742
(207)
99
222
(197)
Net cash u88d In operatlng actlvltles
(32
{436)
25. Analysls of cash and cash equlvalents
2023
£000
783
2022
£000
608
Cash in hand
Notice deposits (less than 3 months)
281
431
Total cash and cash equlvalents
1,064
1,039
26. Analysls of changes In net debt
At1
January
2023 Cash flows
£000
At31
December
2023
£000
£000
1,039
(5)
Cash at bank and in hand
Debt due within 1 year
25
1,064
(3)
1,034
27
1,061
Page 35

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
27.
Penslon commltments
The DBE participates in the Pension Builder Scheme section of CWPF for lay Staff. CWPF is administered
by the Church of England Pensions Board, which holds the CWPF assets separately from those of the
Employer and other participating employers.
CWPF has tsvo sections:
the Defined Benefits Scheme
the Pension Builder Scheme, which has subsections:
deferred annuity section known as Pension Builder Classic, and,
a cash balance section known as Penslon Bullder 2014.
Pension Builder Scheme
Both sections of the Pension Builder Scheme ar8 classed as defined benefit schemes.
Pension Builder Classic provides 8 pension, accumulated from contributions paid and converted into a
deferred annuity during employment based on terms set and reviewed by the Church of England Pensions
Board from time to time. Discretionary increases may also be added, depending on investment retums
and other factors.
Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide
benefits 8t retirement. Pension contributions are recorded in an account for each member. Discretionary
bonuses may be added before retirement. depending on investment returns and other factors. The
account, plus any bonuses declared is payable, unreduced, from age 65.
There is no sub-division of assets be￿een employers In each sectlon of the Pension Builder Scheme.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is
because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific
employers and means that contributions are accounted for as if the Scheme were a defined contribution
scheme. The pensions costs charged to the SOFA in the year are the contributions payable (2022., 21,000,
2021: £22,000).
A valuation of the Pension Builder Scheme is carried out once every three years. The most recent
valuation was carried out as at 31 December 2019. The nexi valuation is due as at 31 December 2022.
For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing
assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of
3Yo following improvements in the funding position over 2021. There is no requirement for deficit
payments at the current time.
For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing
assumptions used. There is no requirement for deficit payments at the current time.
The legal structure of the scheme Is such that If another employer fails, the DBE could become
responsible for paying a share of Ihe failed employerfs pension liabilities.
Page 36

COVENTRY DIOCESAN BOARD OF EDUCATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
28. Operating lease commltments
At 31 December 2023 the DBE had commitments to make future minimum lease payments under non-
cancellable operating leases as follows:
2023
£000
2022
£000
Not later than 1 year
Later than 1 year and not later than 5 years
The following lease payTnents have been recognised as an expense in the Statement of financial
activlties-
2023
£000
2022
£000
Operating lease rentals
29.
Related party transactlons
Coventry Diocesan Board of Finance Ltd {CDBF) provided the DBE with grants of £160,000 (2022..
£159,000) in the year towards the costs of the DBE'S charitable activities including its statutory
obligations. The amount owing to Ihe CDBF at 31 December 2023 in relation to transactions between the
o parties was £1,00412022: £0).
The DBE provided no seNices to the CDBF and Coventry Cathedral and as such the amount owing to
the DBE at 31 December 2023 was £nil (2022: £3,414).
The DBE provided the Coventry Diocesan Multi Academy Trust (DMAT) with invoiced services totalling
£15,601 in the year (2022: £13,468) with no profit element. The amount owed to the DBE at 31
December 2023 in relation to transactions between the two parties was £nil (2022.. £1,590).
The s.554 Trust is related to the DBE by virtue of the DBE being its corporate trustee and applying the
investment income arising for the DBE'S purposes. subject to the statutory restrictions applying to that
income. Accordingly, the assets of Ihe s.554 Trust, although not owned by Ihe DBE in its own right, are
included with the financial statements of the DBE.
Page 37