Registered number: 3663851 Charity number: 1091145 COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the DBE, Its Trustees and advlsers Trustees. report Independent audltor's report on the financial statements Statement of flnanclal actlvltles 9-12 13 Balance sheet 14 Notes to the flnanclal statements 15-34
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE DBE, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Mr Roderick Clark. Eleded (resigned 31 December 2024) Mr Michael Draper, Chair, Bishop's nominee Mrs Emma Griffiths, Elected Mrs Sybil Hanson, Co-opted (resigned 31 December 2024) Ms Sharon Jones, Co-opted (reappointed 1 April 2025, resigned 31 December 20241 Mrs Claire Russell. Elected (resignecl 31 December 2024) Rev'd Diane Thompson, Elected (resigned 9 April 20241 Mr Adam Walsh, Co-opted (resigned 31 December 2024) Mrs Lindsey Wright, Co-opted (resigned 31 December 2024) Right Rev'd Ruth Worsley, Acting Bishop of Covenlry, Ex officio (resigned 24 December 20241 The Ven Barry John Dugmore, Bishop's nominee Rev'd Timothy CoGkell, Bishop's nominee Right Rev'd Sophie Jelley, Bishop of Coventry, Exwofficio (appointed 14 February 2025) Mr Peter Merrylees, Co-opted lappolnled 1 April 2025) Rev'd Greg Bartlem, Elected (HOI (appointed 1 January 2025) Rev'd Andy March, Elected (HO) {appointed 1 January 2025) Mrs Janet Pringle, Elected (appointed 1 January 2025) Rev'd Kate Pellereau, Elected IHOI (appointed 1 January 20251 Company reglstered number 3663851 Charlty reglstered number 1091145 Registered office The Benn Education Centre Craven Road Rugby Warwickshire CV213JZ Company secretary Rev'd April Gold Independent auditor Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Page 1
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who are also directors for the purposes of company law, present their combined trustees. and director5. report for Coventry Diocesan Board of Educallon I'the DBE"), together with the audited financial statements. for the year ended 31 December 2024. Under the Diocesan Boards of Education Measure 1991, each diocese is required 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. Objectlves and actlvitles a. Pollcles 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 (which superseded the Diocesan Boards of Education Measure 1991), 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 educatlon and religSous worship in schools in the dlocese., promote or assist in the promotion of church schools in the diocese; promote co-operation between itself and other persons concemed with education In the dI0se. The DBE'S principal activity is to s8rve 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 are provicled 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 with 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 princlpal beneficiaries of thes8 S8rvices are the approximately 18.600 children and young people attendlng the 76 Church of England schools and academies in the diocese. Within our Church majority Mutti Academy Trusts. we have an additional 9 community schools that have chosen to join the family and work in partnershlp with our Church schools. Wider than this, the D8E also aims to promote and assist in the promotion of education con51Stent with the faith and practice of the Church of England across the diocese as a whole. Other activities include trusteeship of the s.554 Trust, previously a number of separate uniform stalutory trusts, united into a single (registered charity) trust. The funds in this trust have arisen from the retum to the Church of England of its deemed share of the proceeds from the sale of former school properties. The pemiitted uses of the capital 8re explained in note 19 lo the financial statements. The D8E uses the investment income to subsidise its services. These trusts also include the building whid) 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 DioGese is vested in th8 DBE as trustee. however there is no beneficial interest whilst Ihe property is still in use for the schools. During the year. the DBE became the custodian trustee of the Coventry Blue Coat Church of England School Foundation (regislered number 511793). which exists to collect income from a waeave arrangement and make it available lo the Coventry Blue Coat School. The previou5 year end of 30 JL5ne was changed to be cotemiinous with the main charities so the reporting period will be for an 18 month period in 2024. We continue to hold the freehold for the school site and adjoining land. Page 2
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ObJectlves and activities (continued) The trustees have had due regard to the Charity Commission's public benefit guidance when reviewing and deciding what activities the charity should undertake. The trustees, vision to support schools to achiev8 demonstrable Christian distinctiveness in every aspect of the educational experience is based on Jesus, words from Matthew 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 good for anything. except to be thrown out and trampled underfoot, 'You are the light of the world. A town built on a hill cannot be hidden. Neither do people light a lamp and put it under a bowl. Instead they put it on its stand, and it gives light to everyone in the house. In the same way, let your li9ht shine before others, that they may see your good deeds and glorify your Falher in heaven." b. Strateglc objectlves In 2024 Included Facilitaling partnerships between schools and parishes to worship God incamationally. The school building and community are inlegral 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, Dignity and Communily. Schools develop a 'way 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 disagre8 well. Schools are radically incluslve., valulng dlverslty. embracing difference, nurturing aspiration. 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 a18nguage of failh 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 Klngdom Curriculum asklng blg questions whlch encourage children to imagine solutions and drive change. in the process developing courageous advocacy and leadership skills. Achievements and perfomiance a. Achievements with the principal activities Th8 DBE provides support to all Church of England schools and academies in the Diocese in accordance with its statutory obligations and receives a core grant from the Diocesan Board of Finance towards these costs. Additional services are provided through a Diocesan Service Agreement (DSA) In the academic year 23124 all but one school signed up to the DSA. In 24125 this has again increased to 100Q/o signing up. We have continued to provide regular Head Teacher briefing5 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 our first Head Teacher and Parish Partner Conference in November. We had keynote speeches from Sir John Timpson about leadership and Elizabeth Oluarari about inclusion. In the afternoon Anna Shaw from CPAS facilitated some joint work between parishes 8nd schools to consider the barriers and opportunities for closer working. We also hosted an evening celebrating govemance in Wellesbourne, with a time of worship and a hot meal provided by Bishop Ruth. We then shared good news stories from across the schools in the Diocese which was inspiralional for all who attended. Page 3
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and perfonnance (continued) Phase 2 of the Beacon project continued with a small MAT trialling the approach across their family of schools and one school sharing its student and staff wellbeing model across other schools in th8 Diocese. During th8 year the exemplary work at All Saints in Coventry was selected to be a focus for further research in meeting social and emotional needs, sponsored by Oxford Brookes University and the Mulbery Bush. Increasing SEND needs in our schools places pressure on families and school communities. Limited funding and a lack of access to specialist support staff such as Educational Psychologists and specialist TAS mean that the emerging SEND crisis is having an impact on children, family and staff wellbeing. The DBE 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. 10 of the 16 resourced provisions within mainstream Warwickshire primary schools are within CofE schools or community schools within our CofE majority MATS. This demonstrates the commitment of our DBE family of schools to meet educational needs within community. Sometimes educational placements break down and a child becomes formally or informally excluded from school. This is often because the child is being affected adversely by additional needs which hav8 arisen and cannot be met with Current resourcing, or requires a step chang8 in th8 provision mad8 for them in school. We are working with Warwickshire LA on potential Altemative Provision proj8cts. Th8 first is a collaboration with a group of schools in Rugby Deanery Sooking at the feasibility of using the Benn Education Centre as a site for an innovative primary Alternative Provision. Similarfy we are working with the Diocese of Coventry Multi Academy Trust and Nicholas Chamberlain Schools Foundation to create a new bulldlng on the site of St Michael's CofE Academy in Bedworth to host an altemative provision. Following on from the DBE'S Alive 2023 Event, throughout 2024 we have been working in partnership with i-sing- pop to provide ColSective Worship and RE support in schools, in partnership with their parishes. During 2024 16 schools had "Main Events" a four- day project including teaching and singing culminating in a concert in school or Church for families. 3,201 children and their teachers and families were included in these events. 28 schools had one day Workshops focussed on a Christian Festival or theme, these workshops included 5.950 children. 11 schools had bespoke events, building on either a Main Event or a Workshop, working in partnership with their parish. These events including a Year 6 Jamboree in a small MAT and a holiday club in Alcester included 295 children. In total 44 schools (58°/.) engaged with the partnership, involving 9,135 children 157 % l. Each school also benefitted from a pop-box and weekly Classroom Worship resources. The popularity and engagement led to the DBE commisslonlng a further year of partnership. 2024 saw the launch of the new Coventry and Warwickshire SACRE syllabus for RE. Jen Jenkins from the DBE team and a number of RE leads in Diocesan schools were instrumental in creating a cutting- edge worldviews approach to teaching RE. The syllabus was well received, and we continue to support schools as they adapt to deliver a very different, academically challenging RE curriculum. SIAMS inspections were carried out in 15 schools. All were confirmed to be living up to their foundation as Church Schools. We continue to have no schools who are not meeting the obligations of their trust deeds. It is heartening to read how well our schools have thought through their contextual Christian vision and are using it to drive all of thelr work. In 2024 OFSTED removed the headllne grade glven In school Inspectlons. They visited 27 schools during 2024 with 23 receiving individual good classifications in all areas of inspection. Four schools received requires improvement in some of the areas of inspection. The DBE continues to work with Local Authorities, Multi Academy Trusts and the Department for Education to ensure that schools have appropriate school improvement support when needed. Page 4
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and perforniance {continued) 2024 brought significant change into the education arena with the arrival of a new government. Rapid changes have meant that the DBE has had to re-consider its approach to academy conversion. We have commissioned an external consultant to work with us and our 6 MAT CEOS to consider how all DBE schools, academy or maintained, can benefit from closer collaboration to provide the best education possible for every child in our care, using scant resources wisely and effectively. The Coventry Co-operation Project will report in the summer of 2025 and a new school organisation policy will be launched in September 2025. December 2024 brought the end to anolher triennium and Synod were asked to appoint new DBE Members. We were pleased lo see a number of people stand for election and 5 new DBE members will join those appointed by the Bishop to consider skill set and the characteristics required in the 4 members we are able to co-opt. Through activities which promote and assist education in the diocese, consistent with the faith and practice of the Church of England, the trustees are confidenl that a significant benefit has been delivered for a significant section of the public- our children and young people. b. Volunteers These actlvilles and achievements depend upon slgnlficant amounts of tSme contributed by 12 unpaid DBE members, 16 Members and 44 Directors of the 6 DBE controlled Multi Academy Trusts, alongside 233 foundation governors 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 statemenls of the DBE, but it is not forgotten and is of huge benefit. Flnanclal revlew Total income in the year was £498,000 (2023.. £621,000). Grants from Coventry Diocesan Board of Finance included in this figure amounted to £169,000 {2023.' £160,000). After expenditure and galns on Investments the net income for the year was a surplus of £222.000 (2023.. surplus of £602,000). The net income on unrestricted operations was a surplus of £4,000 (2023.. surplus of £18,000). Investments The DBE'S investment policy as trustee of the s.554 Trust is to Safeguard capital values of investments in real terms over the long term and to produce real growth in net investment income. whilst complying wilh the Church of England Elhical Investment Policy. Investments are principally held in two 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 2024 was £6,965,000 (2023.. £6,716,000). Page 5
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves pollcy Reserves held in restricted or designated funds are held for the purpose of those funds, as described in note 21 to the financial statements. Free reserves are held in the DBE'S General Fund. The trustees, reserves policy is to ensure the provision of adequate financial resources in an environment of Gonstsnt change and increasing challenge. without having to make sudden increases in charges for services. The policy is therefore for General Fund reserves not held in fixed assets to be within a wide range of between three and e1ve months, worth of the year's total resources expended. General Fund reserves not held in fixed assets at 31 December 2024 were £765,000 12023: £658,000), amounting to 12 months (2023'.12 months) of the total resources expended in the year, which was therefore within the policy range. Plans for future perlods The DBE plans to continue and to extend its existing activities, and in particular: to conllnue to provlde quality services to Church of England schools and academles and other schools who wish to participate at a time when their own budgets are facing ever increasing pressures; 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 with 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. d) to support schools who remain in the maintained sector to Secure school improvement and financial support from their LA; to support opportunities for growth, both at existlng schools and on new housing developments. to support schools in focusing upon improving educational provision for children with special educational and Social Emotional and Mental Health Needs in partnership with the local church within the community: g) to ensure that these activlties are financed sustainably whilst 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 of Christ Page 6
COVENTRY DIOCESAN BOARD OF EDUCATION IA company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Governance and management The DBE operates in accordance with the measure and its articles of association, which were last updated by a special resolution of Ihe 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 limited lo £1 under their 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 2024 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. Induction 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 ultim8te 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 are matched wherever possible to ensure sub-committee membership includes an appropriate skill base. Day to day managem8nt is del8gat8d by the truste8S to the Dioc8san Director of Education. who is appointed by the Bishop of Coventry. The Diocesan Director of Education is also the Company Secretary. Under the leadershlp of the Dlocesan Dlrector of Educatlon, the DBE malntalns a Rlsk Register thal 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 governor posts; competition from secular multi academy trusts seeking to acquire church schools and change their core purpose. The $.554 Trust The DBE is the sole (corporate) trustee of the s.554 Twst. In that capacity, the DBE has allocated the investment income and the use of the buildings of the trusts for the D8E's activities, subject to uses in accordance wilh section 554 of the Education Act 1996. which are set out in the notes to the financial statements. Related Partles 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 the s.554 Trust, although not owned by the DBE in its own right, are included with the financial statements of the DBE. Page 7
COVENTRY DIOCESAN BOARD OF EDUCATION (A Company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees. responslbllltles The Trustees (who are also the directors of the DBE for the purposes of company law) are responsible for preparing the Trustees, report and the directors, report and the financial statements in accordance with applicabl8 law and United Kingdom Accounting Stsndards {United Kingdom Generally Accepted Accounting PractiC8). Company law requires the trustees to prepare financial statements for each financlal 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 rinancial statements. the trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles of the Charities SORP: make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards hav8 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 at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for safeguarding the assets of the charitable company and henc8 for taking reasonable steps for the prevention and detection of fraud and other irregularities. They are also responsible for the maintenance and integrity of the DBE'S corporate and financial infomiation included on the DBE'S website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statement may differ from legislation in other jurisdictions. Dlsclosure of Inforn)atlon to auditor 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 trustees and directors in order to make themselves aware of any relevant audlt Infomatlon and to establlsh that It has been communlcated to the auditor. Audltor The audit went to tender and Crowe were reappointed in 2023. A resolution to reappoint Crowe U.K. LLP as 8uditor 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 by order of the 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 Opinlon We have audiled the financial statements of Coventry Diocesan Board of Education for the year ended 31 December 2024 which comprise the Statement of financial activities. the Balance sheet, the Statement of cash flows and the related noles, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and appllcation of resources. Including its Income and expendlture 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 Acl 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 8 basis for our opinion. Concluslons relatlng to golng concern In auditing the financlal slatements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatlng to events or conditions that, individually or collectively, may cast significant doubt on the charitable companvs ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibililies of the Trustees with respect to going concern are described in the relevant sections of this 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 Inforniatlon The other information comprises the information included in the Annual report other than the financial statements and our Auditorfs report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report. we do not express any fom) of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so. consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of thls other information, we are required to report that fact. We have nothlng to report in this regard. Oplnlon on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit: the infomiation given in the Trustees, Report for the financial year for which the financial statements 8r8 prepared is consistent with the financial statements. the Trustees. Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to whlch Companles Act 2006 requires us to report to you If, Sn our oplnlon: adequate accounting records have not been kept. or retum5 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 returns., 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 Strategic 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) Responslbllltles 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 statements 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 statemenls that are free from material misstatement, whether due lo fraud or error. In preparing the financial stalements. the Trustees are responsible for assessing the charitable companls ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basls of accounting unless the Truslees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responsiblllties for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered materi81 if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of Ihese financial statements. Irr8gularitl8s, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibillties, outllned above, to detect material mlsstatements In respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory 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 statements. The laws and regulations we considered in this context were the Companies Act 2006. We assessed the required compliance with these18ws and regulations as part of our audit procedures on the related financi81 stalement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financlal statements but compliance with which might be fundamental to the Companvs ability to operate or to avoid a material penalty. We also considered the opportunitles 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 IGDPR), Anti-fraud, bribery and corruption legislation, environmental protection legislation. Health and safety legislation, Taxation legislation and Employment legislation. Auditing slandards 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 greatesl risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas- timing of recognition of income., the override of controls by management, including posting of unusual joumals; inappropriate treatment of non-routine transactions and areas of estimation uncertainty., and manipulating the Company's key performance indicators to meet management targets. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of Ihe risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting ofjournals and income transactions and review of accounting estimates for biases. Pag&11
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 material misstatement 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 transaction5 reflected in the financial statements, as we will be less likely to become aware of instsnces 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 15 located on the Financial Reporting Council's website at: vNM.frc.or .ukJauditorsres onsibilities. This description forms 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 might state to the charitable companls members those matters we are required to State to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and 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 audltor) for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Qldbury West Midlands B69 2DG Date: 10 July 2025 Page 12
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 UnrestrScted funds 2024 £000 Restrlcted Endowment funds funds 2024 2024 £000 £000 Total funds 2024 £000 Total funds 2023 £000 Note Income and endowments from: Donations and legacies Charitab18 activities Other trading activities Investments 169 91 177 91 313 89 26 26 204 12 197 207 Total Income and endowments 293 205 498 621 Expendlture on: Ralsing funds Charitable activities 43 246 43 482 38 658 236 Total expendltur8 289 236 525 696 Net Incomel(expendlture) before net galns on Investments Net gains on investments (31) {27) {75) 245 249 677 Net Incomellexpendlture) Transfers between funds (31) 245 222 602 21 99 (92) (7) Net movement In funds 107 (123) 238 222 602 Recon¢lllatlon of funds: Total funds brought forward Net movement in funds 658 107 157 (123) 6,735 238 7,550 222 6,948 602 Total funds carried forward 765 34 6,973 7,772 7, 550 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 to 34 form part of these financial statements. Page 13
COVENTRY DIOCESAN BOARD OF EDUCATION {A company limlted by guarantee) REGISTERED NUMBER: 3663851 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 £000 2023 £000 Note Fixed assets Tangible assets Investments 15 350 352 6,716 16 6,965 7,315 7,068 Current assets Debtors Cash at bank and in hand 17 77 1,156 93 1,064 Current Ilabllltles 1,233 1,157 Creditors: amounts falling due within one year 19 (776) (675) Net current assets 457 482 Total net assets 7,772 7.550 Charity funds Endowment funds Restricted funds Unrestricted funds 21 21 21 6,973 34 765 6, 735 157 658 Total funds 7.772 7,550 The Trustees acknowledge their responsibilities for complwng with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial ststements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approv8d and authorised for issue by the Trustees and slgned on their behalf by: Mr Mlchael Draper (Chair of Trustees) Date: I I The notes on pages 15 to 34 form part of these financial statements. Page 14
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Informatlon The company is a company limiled by guarantee (registered number 36638511, which is incorporated and registered in England and Wales. Its charity registration 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 schools and academies in Coventry diocese lo worship God, make new disciples and transfomi their communities. Accountlng pollcles 2.1 Basls of preparatlon of financlal statements The financlal statements have been prepared in accordance with the CharSties SORP {FRS 102) Accountlng and Reporting by Charltles.. Statement of Recommended Practice applicab18 to charitles preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191, the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Coventry Diocesan Board of Education meets the definitlon 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 at fair value at the balance sheet date. The twstees are satisfied that the DBE has adequate resources to continue to operate as a going concern for the foreseeable future and have prepared the financial slatements on that basis. 2.2 Income Income is included In the Statement of Flnancial Activities when the charity is legally entitled to it, ultimate receipt Is probable 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 deferred 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 each category of the Statement of Financial Activities. Support costs consist 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 15
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (contlnued) 2.3 Expenditure {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 totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds Includ8s all expendlture 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 Tangible fixed assets and depreclatlon Tangible fixed assets costing £500 or more are capitalised and r8cognised when future economic benefits are probable and the cost or value of the asset can be measur8d reliably. Tangible fixed assets are Inltlally recognised at cost. After recognition, under the cost model, tangible flxed assets are measured at cost less accumulated depreciation and any accumulated Impairment losses. All costs incurred to bring a tangible fixed asset into its Intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases: Freehold property Office equipment 50 years 34 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 impaiment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the St8lement of financial activities. 2.6 Debtors Debtors are measured at the transaction price less any impairment losses. Page 16
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles {continued) 2.7 Cash at bank and In hand Cash and cash equivalents include cash at bank and short term deposits with any qualifwng institutions repayable on demand without notice. 2.8 Liabilttles 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 collection of grants from government, local authorities and other funds, and payment of approved invoices for school building projects on behalf of certain Church of Englancl schools in Ihe diocese. This income and expenditure is excluded from the income and expenditure of ihe charity and any balances due from or held on behalf of schools are excluded from Ihe balance sheet and reported 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 furtheranc8 of the general objectives of the DBE and which have not been designated for other purposes. DesSgnated funds comprise unreslrlcled funds that have been set aslde by the Trustees for partlcular purposes. The aim and use of each designated fund is set out in the notes to Ihe financial stalements. Restricted 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 the endowed funds into income. the funds are classed as expendable endowment. Crltlcal 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 circumstances. Critical accounting estimates and assumptions: The DBE makes estimates and assumptions concerning the future. The resulting accounting estimates 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 17
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlons and legacies Unrestricted Restricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Grants Grants from Coventry Diocesan Board of Finance Limited Altemative Provision 169 169 Total 2024 169 177 Unr8slricf8d funds 2023 £000 Restricted funds 2023 £000 Total funds 2023 Grants Grants from Coventry Dlocesan Board of Financ8 Limited Altematlve Provlsion 160 160 12 12 160 12 172 Donatlons 141 141 Total 2023 301 12 313 Page 18
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charltable actlvities Unrestricted funds 2024 £000 Total funds 2024 £000 Services to schools and academies 91 91 Unrestricted funds 2023 £000 Total funds 2023 £000 Services to schools and academies 89 89 Income from other tradlng actlvltles Income from non charltable tradlng actlvltles Unrestricted funds 2024 £000 Total funds 2024 £000 Accommodation charges 26 26 Unreslri¢ted funds 2023 £000 Total funds 2023 £000 Accommodation charges 12 12 Page 19
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Income Unrestrlcted Restricted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Rental income Dividend income Bank interest 192 192 Total 2024 197 204 Restricted funds 2023 £000 Tot81 funds 2023 £000 Rental income Dividend income Bank Interest 196 196 Tot812023 207 207 Investment management costs Unrestricted funds 2024 £000 Total funds 2024 £000 Accommodation costs 43 43 Unrestrlcted funds 2023 £000 Total funds 2023 £000 Accommodation costs 38 38 Page 20
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expendlture on charltable actlvltles Summary by fund type Unrestrlcted Restrlcted funds funds 2024 2024 £000 £000 Total 2024 £000 Services to schools and academies Other 211 182 54 393 89 35 Total 2024 246 236 482 Unrestricted funds 2023 £000 Reslricted funds 2023 £000 Total 2023 £000 Services to schools and academies Other 346 236 76 582 76 Total 2023 346 312 658 Summary by expendlture type Staff costs Other costs 2024 2024 £000 £000 Total 2024 £000 Services to schools and academies Other 277 116 89 393 89 Total 2024 277 205 482 Page 21
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analys15 of expendlture on charltable actlvltles (contlnued) Summary by expendlture type (contlnued) 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 10. Analysls of expendlture by actlvltleg Purchased services and materlals 2024 £000 Support costs 2024 £000 Total funds 2024 £000 Services to schools and academies Other 341 78 52 393 89 Total 2024 419 63 482 Purchased services 8nd materials 2023 £000 Support costs 2023 £000 Total funds 2023 £000 Services to schools and academies Other 339 76 243 582 76 Total 2023 415 243 658 Analysls of support costs Govemance costs includes extemal audit fees of £10.000 (2023 £9,000) and legal and professional fees £2.000 (2023- £Nil). Page 22
COVENTRY DIOCESAN BOARD OF EDUCATION {A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Auditorfs remuneratlon 2024 £000 2023 £000 Fees payable to the DBE'S auditor for the audit of the DBE'S annual accounts Fees payable to the DBE'S auditor in respect of: All non-audit services not included above 12. Staff costs 2024 £000 2023 £000 Wages and salaries Social security costs Contribution to defined contribution pension schemes 233 19 25 236 21 24 277 281 The average number of persons employed by the DBE during the year was as follows: 2024 2023 Administration and support The average headcounl expressed as full-time equivalents was: 2024 2023 No. Administration and support The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2024 No. 2023 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 8mployerfs national insurance and pension contributions was £109,892 (2023- £100,521). Page 23
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Trustees and volunteers The DBE benefits from significant amounts of time contributed by unpaid DBE members (who are also trustees) and olher volunteers by their attendance at meetings and contribution to the strategic clevelopment of the DBE. The value of this time cannot be quantified and recognised in the financial statements of the DBE. 14. Trustees. remuneratlon and expenses During th8 year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024. expenses totalling £33 were reimbursed or paid directly to 1 Trustee (2023 - £24 to 1 Trustee). These expenses relates to claims made by trustees for attending D8E meetings. 15. Tangible fixed assets Freehold land & bulldlngs £000 Offl¢e equlpment £000 Total £000 Cost or valuatlon At 1 January 2024 Additions 410 33 443 At 31 December 2024 410 37 447 Depreclatlon At 1 January 2024 Charge for the year 58 33 91 At 31 December 2024 63 97 Net book value At 31 December 2024 347 350 At 31 December 2023 352 352 All tangible fixed assets were used for direct charitable purposes. Freehold land & buildings includes land of £153,000 which is not depr8ciat8d. Page 24
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Flxed asset Investments Unllsted Investments £000 Cost or valuation At 1 January 2024 Gains 6,716 249 Al 31 December 2024 6,965 Investments are held primarily to provide an investment return. Unlisted investment consists of holdings in C8F Church of England Common Investment Funds managed by CCLA Investment Managers Ltd. 17. Debtors 2024 £000 2023 £000 Due wlthln one year Trade debtors Prepayments and accrued income 29 64 72 77 93 18. Cash at bank and In hand Cash and cash equivalents include short term deposits of £281,000 (2023- £281,000) and cash balances held as agent on behalf of Diocesan schools of £711,000 (2023 - £338,000). Page 25
COVENTRY DIOCESAN BOARD OF EDUCATION (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Credltors: Amounts falllng due wlthln one year 2024 £000 2023 Trade creditors Other taxation and social security Pension contributions Accruals and deferred income Balances held as agent on behalf of Dlocesan schools 270 10 13 51 338 715 776 675 20. Flnanclal Instruments 2024 £000 2023 Flnanclal asset8 Flnanclal assets measured at fair value through income and expenditure 6,965 6,716 Financial assets measured at fair value through income and expenditure comprise listed and unlisted investments. Page 26
COVENTRY DIOCESAN BOARD OF EDUCATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2024 £000 £000 Balance al 1 January 2024 £000 Transfers inlout £000 Income Expenditure £000 £000 Unrestricted funds Deslgnated funds Lucy Price Fund 202 (202) General funds General Funds 456 293 (289) 301 765 Total Unrestrlcted funds 658 293 <289) 99 765 Endowment funds s.554 Trust Capital Fund 6,735 (71 245 6,973 Restrlcted funds The Beacon Fund Cullham St Gabriel Grant s.554 Tnjst Income Fund REC Worldwide Westhill project (39) 63 29 152 197 (193) (2) (2} {156) 157 205 (236) (92) Total of funds 7,550 498 {525) 249 7.772 Page 27
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds (contlnued) Description of Funds: 5.554 Trust Capital Fund - Expendable Endowment The s.554 Trust Capital Fund consists of the funds and property 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 (corporatel trustee. These assets arose from redundant educational properties and their sales proceeds. The assets were originally held under separate uniform 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 ststements. On 5 March 2014, the DBE members passed a resolution to manage the unifom statutory trusts as a single 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 viith the administration of the trusts, apply the capital of the 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. s.554 Trust Income Fund - Restrlcted This fund has arisen from Income from the assets of the Uniform Statutory Trusts 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 materi81s) in connection with any matter related to the management of. or education provided at, any Church of England school in the Dlocese of Coventy. (c) the provision of services for the carrying out of any inspection of any Church of England school in the a8 required by Part 1 of the School Inspection Act 1996(a) and. (d) to defray the cost of employing or engaging staff in connection with the application of the s.554 Trust Income or Capitsl Funds. The Beacon Fund - Restricted The Beacon Project has been established 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 mentsl health needs {SEMH). 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 oul of the Lucy Price designated fund. Lucy Prlcè Fund - Designated This fund was established when the Lucy Price Wasperton Estate Charity made an unresthcted donation to the DBE of £515,000 upon its winding up and realisatlon of its ass8ts in 2018. The trustees initially 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 8XlSting or new schools (including the Beacon Project). Page 28
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds {contlnued) Funds remaining within the original fund at 31 December 2024 were considered by the trustees, who concluded that the balance should now be included within the general. unrestricted resources of the DBE and this transfer is reflected in the note. REC Worldwlde Jennifer Jenkins, RE and Spirituality Officer, has been selected by the Religious Education Council to lead one of three teams set up to create a framework and exemplary units to exemplify best practice in Religion and Worldviews in Religious Education. This is a project of national significance as il will inform the way that religious education is taught in the context of worldviews, a paradigm change in the w8y religious education is taught. Jennifer's team is focusing on the theme of reconciliation, which lies al Ihe heart of the misslon of the Coventry Diocese. General Fund Unrestricted funds that are not held for any specific purpose are held in the General Fund. Page 29
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarant88) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds (contlnued) statement of funds - prlor year Balance at 31 December 2023 £000 B818nce 8t 1 January 2023 £000 Transfers in/out Gains/ (Losses) £000 Incom8 Expenditure £000 £000 Unrestricted 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 (11) 677 6, 735 Restrlcted funds The Beacon Fund Cullham Sl Gabriel Grant s.554 Trust Income Fund REC Worldwide (64) 64 (3) 178 215 (241) (4) 152 186 219 (312) 157 Total of funds 6,948 621 (696) 677 7,550 Page 30
COVENTRY DIOCESAN BOARD OF EDUCATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Summary of funds Summary of funds - current year Balance at 31 Galnsl December {Lossesl 2024 £000 £000 Balance at 1 January 2024 £000 Transfers Inlout £000 Income Expenditure £000 £000 Designated funds General funds Endowment funds Restricted funds 202 (202) 301 456 293 (289) 765 6,735 157 {7) {92) 245 6,973 205 (236) 7,550 498 <525) 249 7,772 Summary of funds - prlor year Balance a 31 December 2023 £000 Balance 81 l January 2023 £000 Transf8rs in/oul £000 Gains/ (Losses) £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) 64 677 6, 735 157 219 (312) 6, 948 621 (696) 677 7,550 Page 31
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Analysls of net assets between funds Analysls of net assets between funds - current period Unrestricted Restrirted Endowment funds funds funds 2024 2024 2024 £000 £000 £000 Total funds 2024 £000 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 182 168 6,805 350 6,965 1,233 (776) 160 1,381 (776) {148) Total 765 6,973 7,772 Analysls of net assets between funds - prlor perfod Unrestricted funds 2023 £000 Restricted Endowmenl funds funds 2023 2023 £000 Total funds 2023 £000 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 183 169 6,566 352 6.716 1.757 (675) 150 1,183 (675) (26) Total 658 157 6. 735 7,550 Page 32
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24. Penslon commitments The DBE participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF Is adminlstered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers. CWPF has two sections.. Ihe Defined Benefits Scheme the Pension Builder Scheme, which has two subsections: a deferred annuity section known as Pension Builder Classic, and. a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both sections of the Pension Builder Scheme are classed as defined benefit schemes. Pension Builder Classic provides a 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 relurns and other factors. Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at 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. Th8 account. plus any bonuses declared is payable, unreduced, from age 65. There Is no sub-division of assels between employers in each section 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 (2023: £24,000, 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 2022. The next valuation is due as at 31 December 2025. 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 30/0 following improvements in the funding positlon 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 payng a share of the failed employevs pension liabilities. Page 33
COVENTRY DIOCESAN BOARD OF EDUCATION (A company limited by guarant80) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25. Operatlng lease commltments At 31 December 2024 the DBE had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2024 £000 2023 £000 Not later than 1 year Later than 1 year and not later than 5 years The following lease payments have been recognised as an expense In the Statement of financial activities: 2024 £000 2023 £000 Op8rating lease rentals 26. Related party transactlons Coventry Dlocesan Board of Finance Ltd (CDBF) provided the DBE with grants of £168,000 (2023: £160.004) in the year towards the costs of the DBE'S charitsble activities including its statutory obligations. No other goods and services were provided by the CDBF in the year (2023.. £0). The amount owing to the CDBF at 31 December 2024 in relation to transactions beeen the two parties was £0 (2023: £1,004). During the year Coventry Diocesan Board of Education was appointed as the corporate tnjstee of Blue Coat Charity (charity numb8r 511793), whose funds are applied for the benefit of the Blue Coat Church of En9land School. The funds of £3.757 held on behalf of the Blue Coat Charity are shown in creditors. The amount owing to the DBE at 31 December 2024 in relation to transactions between the parties was £0 {2023'. £0). The DBE made no payments to any trustees In relation to claims for expenses for attending DBE meetings (2023.. £24). At 31 December 2024 there was an amount of £0 owed to a trustee (2023.. £0). Page 34