ODBE Oxford Diocesan Board of Education Oxford Diocesan Board of Education Directors, Report and Financial Statements For the year ended 31 December 2021 Company limited by guarantee (No. 07071809 England and Wales) Registered charity (No. 1133586) Registered & Principal Office.. Church House Oxford Langford Locks Kidlington Oxford OX5 IGF
Oxford Dlocesan Board of Education Dtrectors, Report and Financial Statements For the Year Ended 31 December 2021 Table of Contents Page Director5, Annual Report Objectives and Artivities Achievements and Performance Future Plans Financial Review Structure, Governance and Management Principal Risks and Uncertainties Reference and Administrative Details io 12 Independent Auditorfs Report 14 Statement of Financial Activities 19 Income and Expenditure Account Balance Sheet 21 22 Statement of Cash Flows 23 Notes to the Financial Statements 24 CE CBF CCLA CSUST DfE DFC DTIOIL Church of England Central Board of Finance of the Church of England CCLA Investment Management Limited Church Schools Uniform Statutory Trust Department for Education Devolved Formula Capital Diocesan Trustees (Oxford) Limited Local Authority Locally Co-ordinated VoluntaryAided Programffle Multi Academy Trust Oxford Diocesan Board of Education Oxford Diocesan Board of Finance Oxford Diocesan Bucks Schools Trust Oxford Diocesan Education Services Limited Oxford Diocesan Schools Trust Office for Standards in Education Standing Advisory Council on Religious Education Statutory Inspection of Anglican and Methodist Schools Service Level Agreement Senior Leadership Team Statement of Financial Activltles Voluntary Aided Schools Condition Allocation LCVAP MAT ODBE ODBF ODBST ODES ODST Ofsted SACRE SIAMS SLA SLT SOFA VASCA
Oxford Dlocesan Board of Educatlon Dirertors. Report and Financial Statements For the Year Ended 31 December 2021 DIREcfoRS' ANNUAL REPORT The directors, who are also trustees for the purposes of charity law, present their annual report. together with the audited financial statements, for the year ended 31 December 2021. OBJECTIVES AND AcfiviTIES Background The Charity exists to fulfil the statutory duties of the Diocese of Oxford for the education of children, as updated by the Diocesan Boards of Education Measure 2021 and it currently advises and assists 284 schools and academies, educating 60.() children and young people. There have been schools in the diocese run by the Church for many hundreds of years, whose trusts were established to provide education, usually for the poor of the parish, with teaching in accordance with the principles of the Church of England. From 1833 onwardsthe government began to provide fundingto supportthis work and. in 1870, Parliament allowed for the establishment of board and later county schools to provide free education. The 1944 Education Act brought into legislation the dual system of church and state working together in education which the work of this Charity enables and supports. Further changes to legislation in the 2010 Academies Act and the 2011 Education Act bring fresh challenges and accountabilities. The Charity now also works with its academies, as well as the voluntary controlled and voluntary aided schools, to provide advice and in the maintenance and development of a distinctively Christian ethos in schools which remain inclusive and are intended to seNe thelr local community. Objertlves The Charity continues to achieve its objectives by offering pastoral and professional support to its schools and pupils. The functions of the Charity are set out in the Diocesan Boards of Education Measure 2021, which is the Charitws governing document. The Charity, therefore, is responsible for promoting and assisting: Education in the diocese consistent with the faith and practice of the Church of England; Religious education and worship in schools. Activities The Charity advises governors of church schools, trustees of church educational endowments and any other body or person concerned on any matter affecting church schools in the diocese and additionally takes opportunities to serve all schools in church-led Multi Academy Trusts and specifically.. Gives advice in relation to any proposed changes to the status. viability and future of all church schools (including significant changesl: Approves all new building. alterations and refurbishment to Church School buildings- Gives advice to the trustees of Church of England education trusts before any changes are made to their trust property or governing documents Itru5t deed, Charity Commission scheme, etcl; Appoints and 5UPPOrts Foundation governors for all church 5chools-
Oxford Diocesan Board of Educatlon Directors, Report and Financial Statements Forthe Year Ended 31 December 2021 OBJEcfivES AND ACTIVITIES (Convd) Improves the effectiveness of diocesan schools by providing services to support school improvement, professional development of teachers, training for staff and govemors. professional advice and pastoral care,. Advises and 5UPPOrts governing bodies on the appointment of Headteachers and senior staff,. Receives and considers the reports of all formal inspections (Ofsted and SIAMS) at all church schools, which are required to be carried out under the Education Act 2IXI5,' and Acts as managing trustee of two trusts; Act as the site trustees in 80 schools. Publlc benefit The directors have complied with section 4 of the 2011 Charities Act having due regard to guidance published by the Charity Commission. The directors are aware of the Charity Commission's requirement that the aims, objectives and activities of the charity should provide a clear public benefit. Through the achievement of these objectives Set out above. the public benefits from the provision of inclusive church schools for 60,OJO pupils and the advisory services of ODBE to the staff and governors of these schools. Grant making policy The charlty make5 grant payments as m3na8ing trustee in accordance with the terms of each trust. ACHIEVEMENTS AND PERFORMANCE Working with Multi-Academy Trusts The number of academy conversions has reduced in recent years. but ODBE is still getting 3 few schools who are making a positive choice to join a MAT as well as a small number of schools which are required to Join a MAT. The two diocesan MATS supported by ODBE have continued to grow. ODST now comprises 41 academies and ODBST is made up of 12 with more in the pipeline. Four ofthe academy trusts which ODBE work with have pooled their SLA capital allocations together and ODBE manages this programme for them. The last few months have started to see an increased interest in academisation. ODBE continues to provide support services to schools to assist them in delivering the best possible outcomes. This ranges from appointing approximately I,CO) governors across ODBE'S Schools and academies lincluding 20 multi-academy trusts)- advising on admission policies at 170 schools,- organising independent admi55ion appeals for governing bodies: assisting the site trustees with various property matters and organising building work at voluntary aided schools and some academies ranging from small maintenance projects to large scale extension and refurbishment5, including the planning of completely new schools. During the year the number of schools where ODBE is the site trustee increased to 80 followlng a charity commission scheme and due to school Sites being registered for the first time.
Oxford Di0san Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 ACHIEVEMENTS AND PERFORMANCE (Convd) New Schools Windrush CE Primary School in Witney opened in September 2021 as part of the River Learning Trust. Currently working with nursery and foundation stage classes, the school is built on its vision to "Learn. Love and Live" based on John IO'.10. Windrush and Alder Grove CE Primary in Wokingham both held opening ceremonies in October 2021 attended by representatives of ODBE. School Effectiveness The School Adviser team continued to support schools across the Diocese through a combination of in- person visit5 and remote contact. Ofsted inspections resumed, and there were twelve inspections in the Autumn term. Inspections were rigorous and challenging: but two schools improved from Requiring Improvement to Good. Just before Christmas 2021 Waddesdon CE Secondary received a new Outstanding judgement which is a significant achievement for the school. SIAMS inspections have been fewer with four taking place across the Diocese since September 2021- all schools inspected received 'Good' outcomes. Strategic Vision The advent of Covid-19 required a significant rethink and recalibration for the changed world. Therefore. in September 2020 ODBE reshaped its strategic vision to focus on a set of medium-term strategic priority areas. These drew upon the previous three-year strategy and provided a transition into the 2022-2025 strategy for the new triennium. Current Impart of Covid-19 Clearly the Coronavirus pandemic had a significant impact upon the work of ODBE and actions were undertaken to mitigate this. Schools, funding has not been affected and the DfE has continued to instruct schools to continue to make payments to suppliers. The organisation took account of its staffing needs over the course of the pandemic. ODBE identified significant opportunities for reducing expenditure particularly through the reduction of staff expenses to zero during the lockdown periods. ODBE established a business continuity plan for the duration of the lockdown in order to maintain productivlty and maximlse the opportunity to realise projects with the additional time available. The recovery from Covid-19 has been managed through a phased return to in-person events whilst continued and 5UStained use was made of electronic technology to deliver training and engagement.
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December2021 FUTURE PLANS ODBE'S mission is rooted in the values that it has at its core of Humility, Fellowship and Counsel. These values remain unchanged by local and national contexts. However, the events of the past two years have established the need to be bold but also pragmatic in thinking and activities. Through establishing a strategy for the new triennium, ODBE seeks to blend vision and pragmatism with the key to planning the aspiration to be 'A flourishing organisation delivering a unique service to education by shaping and influencing the future,. By articulating what this 'unique service, is ODBE seeks to identify what it is that only ODBE can provide to education or is better placed to provide than any other organisation. In responding to the opportunities and challenges of our times ODBE has identified and expressed its role and purpose in four specific commitments.. Championlng the needs of chlldren and young people- This Is paramount in Its misslon wlthin the Dlocese of Oxford Confronting climate emergency- This is the critlcal challenge faclng the planet and will contlnue to beso Challenging inequality- Thls Is fundamental to how to make a dlfference to the lives and Ilfe chances of members of our communlties Advocating the role of the Church of England in educatlon- Thls Is at the roots of ODBE'S foundation 35 a Dlocesan Board of Education These commitments underpin and shape the actions within each of the twelve key workstreams. These workstream5 are anchored to the 'unique service, and are as follows.. Church School Effectlveness, Religious Education, Collettive Worshlp and Spirituallty, Governance. SIAMS, Admissions and Appeals, Property Servlces, MAT Support, Leadership. Wellbeing and Pastoral Suppor¢ Chaplalncy and Partnership. Each workstream has a detailed statement of intent that articulates the ambition and rationale behind it. The specific workplan for each of the three years of the triennium within the workstream is compiled on a yearly basis wlth each annual plan building upon its predecessor. Individual workplans and appraisal targets are informed by the strategy. The strategy and its attendant plans came into being in January 2022.
Oxford Diocesan Board of Education Dirertors, Report and Financial Statements For the Year Ended 31 December 2021 FINANCIAL REVIEW General Funds Overall total unrestricted income was £1,660K. with a surplus of £116K17%1 on general funds for the year12020.' surplus £48KI. Grant unrestricted income from CSUST totalled £438K for the year12020'. £444KI and grant income from ODBF totalled £382K12020'. £382KI, 26% and 23% of total unrestricted income respectively. Income from charitable activities included school service agreement income of £269K116%112020: £227KI, training and consultancy income of £133K18%1 {2020'. £164KI, premises related income of £401K124%112020: £315KI and admissions appeals income of £36K12%112020- £44KI. Costs have been attributed to three categories of support for schools, with staff and overhead costs apportioned between these categories. Restricted Funds- Building Improvement Scheme A significant proportion of restricted f unding income came from grants: the DfE totalled £3,235K for the year12020: £3,717KI, CSUST totalled £89K12020.. £87KI. No grant was made from the Thatcham and Newbury restricted trust funds in 2021 {2020'. nill, no grant from the Hills Bequest Fund12020'. none) and no grant from the Buildings improvement. £15K from Bayne Benefaction Grant12020: none). The balance remaining on the income restricted funds at 31 December 2021 was £1,752K 12020: £1.906KI. Historically the board acted as the agent of school governors in relation to school buildin8 works and the purchase of IT equipment for Schools. It acted as the agent of school governors in helping to arrange funding through the DfE and Local Authorities and in paying professional fees and building costs on behalf of school governors. The VASCA IVoluntary-Aided Schools Condition Allocationl system was introduced in April 2020 and superseded the LCVAP (Locally Coordinated Voluntary-Aided Programmel. The change in funding gives the charity ultimate control over the application of the VASCA grants to specific schools. Historically. the LCVAP was not reflected in the Statement of Financial Activities as the Charity had no control over the funds and the transactions were those of the school governors rather than the Charity which acted as agent. The VASCA grant funding has now been reco8nised as income in the Statement of Financial Activities along with the related expenditure. The unspent balance of VASCA funding at the end of the year of £1,115K12020: £1,292KI has been committed to projects by 31 March 2022 or returned to the DfE. The total balance on the fund at 31 December 2021 was £1,516K12020: £1,693KI. Reserves Pollcy At the end of 2021 the Board's unrestricted fund5 excluding fixed a55et5 lor free reservesl totalled £523K12020: £404KI, providing more than 3 months reserves cover for current activities, meeting the Board's target of holding approximately 3 months, expenditure in reserve. The 2022 budget was set with the aim of break-even to maintain the current reserves levels, before the impact of Covid-19. See Future Plans section for mitigating actions being taken to minimize the financial impact. ODBE is supported by CSUST funds which amount to £12,193K capital including £2,OIOK reinvested income at 31 December 2021. DTIOIL is the sole trustee of this fund. Both capital and income are funds
Oxford Diocesan Board of Education Dlrectors. Report and Financial Statements For the Year Ended 31 December 2021 FINANCIAL REVIEW {ConVd) which can only be used for educatlonal purposes lsee CSUST section on pages 9 and 10 for further details). Investment management The charity has general, restricted and endowment funds. The endowment funds and restricted funds have the majority of their capital invested in the CBF Investment Fund, with total investments of £487K 12020: £426KI. In the past this has ensured that the capital value was fully maintained overthe long term. The directors seek professional investment advice as and when they consider it to be necessary. The yield on investment5 during 2021 was 3%12020'. 3%}. During the year the market value of investments increased by 14.4%12020- 6.6%). STRucfuRE, GOVERNANCE AND MANAGEMENT The Dlocese of Oxford Although the Oxford Diocesan Board of Education is a separate registered charity, it is an integral part of the Diocese of Oxford, fulfilling its statutory duties in respect of children's education. Corporate status The charity 15 registered with the Charity Commission INO. 11335861 and it is a company Ilmited by guarantee (No. 07071809 England and Wales). Its governing document is the Diocesan Boards of Education Measure 1991 las amended). Activities commenced on l January 2011, when the activities and asset5 of Oxford Diocesan Education Services Limlted and the previou5 Oxford Diocesan Board of Education {Charity Number 3079131 were transferred to the new ODBE charitable company. Board and Commlttee strtscture The directors meet three times a year. There is an Executive Committee which met more frequently, comprising of the Board's Chairman with other key directors and the Board's senior officers. The board of director5 has four further committees.. Finance Committee Schools Effectiveness Committee Development Committee Human Resources Panel la shared committee with ODBFI Appolntment of directors The Bishop of Oxford is a director by virtue of his Olce. The directors, in consultation with the Bishop of Oxford have agreed to appoint the Bishop of Buckingham as chairman of the board. The Bishop of Oxford nominates either an area bishop or archdeacon to be a member of the Board. He may a150 appoint one further director. either clergy or lay. Ten members are elected to serve a5 directors by the Diocesan Synod. At least four directors. with a maximum of eight, are co-opted by the Board. Co-opted members have to have experience of church schools in the diocese or have experience of other areas of work with which the Board is concerned.
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 STRucfuRE, GOVERNANCE AND MANAGEMENT (Convd) Directors normally serve for a three-year term linked to Synodical elections. New director5 receive induction trainin8. All directors receive ongoing training and briefings on current issues. Some senior staff have job titles incorporating the title "Director" but they are not directors of ODBE for the purpose of company law. Dlrertors. responslbilitie5 The directors are responsible for preparing the directors. report and the financial statement5 in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each fir¢ancial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law}. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the income and expenditure of the company for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021; make judgements and accounting estimates that are reasonable and prudent,. state whether applicable United Kingdom Accounting Standards have been followed. subject to material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. Related Parttes The directors consider the following to be related parties: Oxford Diocesan Board of Finance {ODBF} company with charitable status, which is the principal vehicle for dealing with the financial busines5 of the Diocese of Oxford. ODBF and the Church Schools Uniform Statutory Trust {CSUSTI together supply a significant amount of the financial resources and ODBF partly supplies the administrative resources under which the company operates. The company is accountable to the Oxford Diocesan Synod for the appropriate use of these resources.
Oxford Diocesan Board of Education Directors, Report and Financial Statements Forthe Year Ended 310ecember 2021 STRucfuRE, GOVERNANCE AND MANAGEMENT {ConVd) Diocesan Trustees {Oxfordl Limited IDTIOILI a company with charitable status which is responsible for ensuring that trust funds are used in accordance with the terms of the trust deed and the requirements of schedule 36 of the Education Act 1996, which sets out clear parameters for the spending of this income and capital. DTIOIL acts as sole trustee of CSUST funds. CSUST income may be used for: lal the provision of advice. guidance and resources in connection with management of. or education provided at, voluntary aided, controlled and foundation schools,. Ibl the inspection of church schools; and Icl the cost of employing staff in connection with any of these purposes. DTIOIL is required to consult the charity on the uses of CSUST funds. These funds arise from the proceeds of sale of land and buildings of closed schools vested in CSUST under Statutory Instruments. At 31 December 2021 CSUST funds had a totsl value of £12,193K12020: £10.873KI of which £10,183K 12020: £8.967KI were endowment funds and £2.OIOK12020: £1,906k} were accumulated reinvested income funds. In addition, the buildings and land of a number of c105ed schools are vested in CSUST. The CSUST funds are included in the financial statements of DTIO}L. Schedule 36 of the 1996 Education Act consolidated the 1993 Education Act in identifying the financial activity of CSUST funds as being for the work of Diocesan Boards of Education and the support of building work in schools. In the Oxford Diocese the support of building work has been directed towards aided schools due to the statutory responsibilities of Governing Bodies. Loan5 from CSUST are used to provide working capital for building work where expenditure is incurred but subsequently reimbursed by the DfE or Local Authority. iiil Oxford Diocesan Schools Trust- a Multi Academy Trust formed in 2012 iv) Oxford Diocesan Bucks Schools Trust~ a Multi Academy Trust formed in 2017 ODBE confirms the appointment of directors of these MATS so as to ensure that the Trust Board comprise5 individuals who will uphold the Christian ethos of the schools and have the ability to run a chain of schools. Apart from confirming the appointments, ODBE play5 no part in the day to day running of ODST nor ODBST, and ODST'S and OD8ST's primary accountability a5 Multi AcademyTrusts is to the Secretary of State. Thus. there is no requirement to consolidate these financial statements with 008.
Oxford Diocesan Board of Education Dirertors, Report and Financial Statements For the Year Ended 31 December 2021 PRINCIPAL RISKS AND UNCERTAINTIES The directors confirm that the major strategic risks to which the Charity is exposed have been identified and reviewed and that systems have been established to manage those risks. Directors have delegated to the Director of Education the task of carrying out reviews of operational risks and the management and monitoring of risks. To achieve this, a register of the identified risks is maintained, and, alongside it, a management and mitigation strategy formed. Directors review the risk register at least annually as part of corporate risk management. The risk register scores risk based on likelihood, financial and reputational impact. After mitigating action is considered, the following areas have the highest levels of residual risk. l. Whilst there has been a signlflcant Improvement in the revenue budget over the past four years there remalns some strong external pressures Includln& Covid-19, rlslng Inflatlon and more recently the war in Ukraine, on the budget and particularly on staffing costs. Failure to addre55 thls wlll result In an eroslon of limited reserves which Is not sustainable. Mitigating strategies: Continue to develop new income stream5, monitor the viability of current Services and maximise income from the SLA and other areas. Ensure cost effective delivery of services, particularly in the light of new ways of working followlng the Covid-19 pandemic. The Board has taken steps to reduce expenditure in future years by taking action during 2021 to reduce costs. To monitor the impact of Covid-19 and the war in Ukraine on investments to ensure long term SU5tainabilitv. 2. The national ¢hur¢h has set a target to achleve zero carbon by 2030 and the Dlocese of Oxford's target is to be zero carbon by 2035. Whi15t we are fully committed to meeting these targets capltal fundlng to achleve them Is not yet aligned. Most of the school< capltal funding comes from the Department for Educatlon whose tsrget Is to achleve zero carbon by 2050. Mitigating strategies.. We are proceeding with zero carbon 5urvey5 on the schools to identify the capital works required. Attempt to identify a further source of capital funding to meet the earlier target dates. 3. If small schools lin particularl are not able to respond to the continued bud8etsry restraint they may risk becoming financially vulnerable and, therefore, more at risk of closure in the long term. Whilst their general Income is secure this is subjert to pupll numbers whlch are now declining in many primary schoo15 and In some cases causing slgnlficant pressures. Any permanent closures would cause a reputational rlsk to ODBE, create considerable disturbance In the community and would result In ODBE not belng able to meet Its core purpose of serving schools In affected communltles. io
Oxford Dlocesan Board of Education Directors, Report and Finantial Statements For the Year Ended 31 December 2021 PRINCIPAL RISKS AND UNCERTAINTIES (Convd) Mitigating strategies.. Work proactively to identify those schools most at risk and support them to develop strategies. Offer new training opportunities to govemors on financial matters. Encourage schools to come together in federations. amalgamations and In academy trusts and consider alternative leadership models where appropriate. Brief the wider diocese and other relevant organisations on how they could support their local schools. 4. With the current heightened safeguarding awareness. It could lead to the identificatlon of serlous safeguardlng concerns whlch could have a negatlve reputational lrnpart on the ODBE. the wlder dloce5e and the speclfic schools concemed. Mitigating strategies: Liaise with the appropriate Local Authority and diocesan safeguarding leads to ensure earlv intervention when concerns are raised. Ensure that all policies and procedures of the ODBE effectively consider safeguarding issues. Ensure that all trustees and staff are sufficiently well trained to deal with safeguarding issues from the Board's perspective. li
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 REFERENCE AND ADMINISTRATIVE DETAILS Oirectors of the Board The following were the directors and members of the Oxford Diocesan Board of Education at the date of thi5 report. All have served throughout 2021 except where indicated otherwise: Member The Right Reverend Dr SJ Croft The Right Reverend Dr A T L Wilson (Chairl Miss L Williams lappointed l Jan 2022) The Revd M D Bennet MrG SAnderson JP Mrs Kwinrow Mr P Flory lappointed l Jan 20221 The Revd T J L Harper Mrs L M Piper Mr T W Llewellyn Mrs P A Hudson The Revd S E Sharp DrFCPLeach Mr M Abbott Mrs H J Brown lappointed l Jan 2022) Mr A Browne Ms H Crolla Ms N Flower The Revd D W McFarland Mr P R Norman Mr C Tomes (appointed l Jan 20221 Basis of appolntment Ex Officio Bishop of Oxford Nominated by the Bishop of Oxford Nominated by the Bishop of Oxford Synod elected for Berkshire Archdeaconry Synod elected for Berkshire Archdeaconry Synod elected for Berkshire Archdeaconry Synod elected for Buckingham Archdeaconry Synod elected for Buckingham Archdeaconry Synod elected for Buckingham Archdeaconry Synod elected for Dorchester Archdeaconry Synod elected for Dorchester Archdeaconry Synod elected for Dorchester Archdeaconry Synod elected for Oxford Archdeaconry Co-opted Co-opted Co-opted Co-opted Co-opted Co-opted Co-opted Co-opted Members whose term of office came to an end The Ven J French Ito 31.12.211 Ms J Moriarty (to 31.12.211 Mrs M E Lomas (to 31.12.211 The Revd M A Harwood (to 31.12.211 Mrj S Moule (to 31.12.211 Nominated by the Bishop of Oxford Synod elected for Berkshire Archdeaconry Synod elected for Buckingham Archdeaconry Co-opted Co-opted Senlor staff and advisers Director of Education Deputy Director Interim Deputy Dlrector Deputy Director Mr Antony Wilson Mrs Frances Bartlett (to 31.08.211 Mrs Ruth Bennie Mr Gordon Joyner 12
Oxford Diocesan Board of Educatlon Diredors, Report and Financial Statements For the Year Ended 31 December 2021 REFERENCE AND ADMINISTRATIVE DETAILS (Cont'd.) 'Registered Office Church House Oxford, Langford Locks. Kidlin8ton, Oxford, OX5 IGF Bankers National Westminster Bank plc, 32 Cornmarket Street, Oxford OXI 3EZ Auditor Buzzacott LLP, 130Wood Street. London, EC2V 6DL Solicitors Winckworth Sherwood LLP, 2 Chawley Park, Cumnor Hill, Oxford OX2 9GG Insurers Ecclesiastical Insurance OlCe plc, Beaufort House, Brunswick Road, Gloucester GLI IJZ BASIS OF PREPARATION The financial statements have been prepared in accordance with applicable United Kingdom Accounting Standards, the Companies Act 2006, and Accounting and Reporting by Charities: Statement of Recommended Practice effective from accountin8 periods commencing on or after I January 2015. STATEMENT OF DISCLOSURE TO AUDITOR As far as each director is aware, there is no relevant audit information of which the chariws auditor Is unaware. Each director has taken all the steps helshe ought to have taken as a director in order to make himselflherself aware of any relevant information and to establish that the charitvs auditor is aware of that information. Signed on behalf of the dirertors The Right Revd Dr A T L Wi150n Chairman th 11 June 2022 13
Oxford Diocesan Board of Education Dirertors, Report and Financial Statements For the Year Ended 31 December 2021 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD DIOCESAN BOARD OF EDUCATION Oplnion We have audited the financial statements of Oxford Diocesan Board of Education (the 'charitable companVI for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial statements: 8ive a true and fair view of the state of the charitable companvs affairs as at 31 December 2021 and of 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 2Iy)6. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statement5 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 the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the dirertors. 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 identif led any material uncertainties relating to event5 or conditions that, individually or colledively, may cast significant doubt on the charitable CoMpanS ability to continue as a going concern for a period of at least twelve months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the directors with respectto going concern are described in the relevant sections of this report. 14
Oxford DI0San Board of Educatlon Directors, Report and Financial Statements For the Year Ended 31 December 2021 INDEPENDENT AUDITOR'S REPORT (Convd.) The directors are responsible for the other information. The other information comprises the information included in the Directors, Report and Financial Statements. other than the financial statements and our auditor's report thereon. Our opinion on the financial statement5 does not cover the other information and, except to the extent otherwise explicltly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or material misstatement of the other information. Other information If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companie5 Art 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in the directors, report for the financlal year for which the financial statements are prepared is consistent with the financial statements; and the directors, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of the 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 directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires US to report to you if. in our opinion.. adequate accounting records have not been kept, or returns 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 certaln disclosures of directors, remuneration specified by law are not made: or we have not received all the information and explanations we requlre for our audit; or the directors were not entitled to take advantsge of the small companies exemption from the requirement to prepare a strategic report. 15
Oxford Diocesan Board of Education D1CtOrS, Report and Financial Statements For the Year Ended 31 December 2021 INDEPENDENT AUDITOR'S REPORT (Conyd.) Responsibilitles of dirertors As explained more fully in the directors, responsibilities statement, the directors 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 directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the charitable companvs ability to continue as a going concern, disc105ing, as applicable, matters related to going concern and uslng the going concern basi5 of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorf5 responslblllties for the audit of the financlal ststements 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 auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wlth ISAS IUKI will always detect a material misstatement when it exists. Mi55tatements 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, are instances of non-compliance with laws and re8ulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatement5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitie5, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills to identify or recognlse non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the charitable company through discussions with directors and other management, and from our knowledge and experience of the sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Charities Act 2011, the Companies Act 2W6, Education Acts, data protection legislation, anti- bribery, employment. pensions and health and safety legislation,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence- and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 16
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 INDEPENDENT AUDITOR'S REPORT (Convd.) We assessed the susceptibility of the charitable companvs financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To addres5 the risk of fraud through management bias and override of contro15, we: performed analytical procedures to identify any unusual or unexpected financial relationships,. tested journal entries to identify unusual transactions,. tested authorisation during substantive testing of expenditure,. assessed whether judgements and assumptions made were indicative of potential bias,. and investl8ated the rationale behind significant or unusual financial transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial ststement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged wlth governance: enquiring of management as to actual and potential litigation and claims,. and reviewing correspondence with HMRC and the companVs legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transartions, the less likely it is that we would become aware of non-compliance. Auditing standard5 also limit the audit procedures required to identify non- compliance with laws and regulations to enquiry of the directors and other management and the inspettion of regulatory and legal correspondence, if anv. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may Involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at véww.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. 17
Oxford Diocesan Board of Education Diredors, Report and Financial Statements For the Year Ended 31 December 2021 INDEPENDENT AUDITOR'S REPORT (Convd.) Use of our report This report is made solely to the charitable companws members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable company and the charitable company's members as body. for our audit work. for this report, or for the oplnlons we have formed. Catherine Biscoe (Senior Statutory Auditor} For and on behalf of Buzzacott LLP. Statutory Auditor 130 Wood Street London EC2V 6DL Date.. 22107/2022 18
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 31 December 2021 Unrestricted Restricted Endowment Funds Funds Funds Total Funds 2021 Total Fund5 2020 Note £'ooo INCOME AND ENDOWMENTS FROM: Donations and grants Grants from CSUST Grants from ODBF Grants from DfE Job Retention Scheme grant 438 382 89 527 382 3,235 531 382 3,717 32 3,235 820 3.324 4,144 4,662 Charitable Artlvities: School premises related income School service agreement Training and consultancy services to schools Admission Appeals 401 269 401 269 315 227 133 36 15 164 36 839 15 854 750 Investments 12 13 16 Total Income 1,660 3,351 5,011 5.428 EXPENDITURE ON: Charltable Actlvltles School leadership and governance support School premises related support Admission and Appeals seNice 1,193 300 51 20 1,213 3,801 51 1.218 2,785 48 3,501 Total Expenditure 1.544 3.521 5,065 4.051 Net income l{expenditurel before gains on investments Gains on investments 116 (1701 1541 1,377 16 45 61 28 Net incorne lexpendlture) and net movement In funds 116 (1541 45 1,405 Reconciliation of funds.. Total funds brought forward Total funds carrled forward 411 1.906 311 2,628 1.223 527 1,752 356 2.635 2.628 19
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 STATEMENT OF FINANCIAL AcfiviTIES Forthe Year Ended 31 December 2021 (Conydl The Statement of Financial Activities ISOFAI includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The prior year comparative SOFA for 2020 is shown in Note 19 on pages 3940. The notes on pages 24-40 form part of these financial ststements. 20
Oxford Di0san Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 INCOME AND EXPENDITURE ACCOUNT Total 2021 Total 2020 Income Expenditure Operating {deficit)1 surplus for the year Net gains on investments 5,011 15,0651 5.428 (4,051) {541 16 1,377 Net {expendlture) / Income for the year {381 1.385 The income and expenditure account is derived from the Statement of Financial Activitie5 Wlth movements in endowment funds excluded to comply with company law. All income and expenditure is derived from continuing activities. 21
Oxford Diocesan Board of Education Oirectors, Report and Financial Statements For the Year Ended 31 December 2021 BALANCE SHEET as at 31 December 2021 Company No. 07071809 (England and Wales) 2021 £'o¢Jo 2020 Note FIXED ASSETS Tangible assets Investments 487 426 Total Fixed Assets 491 433 CURRENT ASSEf5 Debtors Cash at bank io li 302 2,649 168 2.694 Total Current Assets 2.951 2,862 Creditors: Amounts falling due within one year 12 17071 f567) Net Current Assets 2,244 2.295 Total Assets Le55 Current Liabilities 2,735 2.728 Credltors: Amounts falling due after more than one year 12 11001 (100) NET ASSETS 2,635 2,628 THE FUNDS OF THE CHARITY Endowment Funds Restricted Funds General Funds 14 15 356 1,752 527 311 1.906 411 Total Charlty Funds 2,635 2,628 The notes on pages 24to40form part of thesefinancial statements. Included in the above investments are unrealised gains amounting to £393K. See notes 14 and 15 to the financial statements. th These financial statements were approved and authorised for issue by the directors on 11 June 2022 and signed on their behalf by:_ The Ri t Reverend Dr. A. T. L. Wilson Chairman erson JP Director 22
Oxford Dlocesan Board of Educatlon Directors, Report and Financial Statements For the Year Ended 31 December 2021 STATEMENT OF CASH FLOWS for the year ended 31 December 2021 2021 2020 £'ooo 1.391 Net cash provlded by operating artlvltles {Below l) 1571 Cash flows from Investlng actlvltles Dividends and interest received from investments Purchase of: Tangible fixed asset5 13 16 {ii (3) Net cash provided by investing activities Change in cash and cash equlvalents In the reporting period Cash and cash equivalents at l January Cash and cash equivalents at 31 December (Below 12 13 1451 2.694 1,404 1,290 2.649 2.694 21 Reconclllatlon of net movements In funds to net cash flow provlded by operating artlvities Net movement In funds for the year 1.405 Adjustment5 for: Depreciation charges Gains on investments Dividend5 and interest receivable from Investments Increase/{Decreasel in debtors Increase/lDecreasel in creditors 1611 1131 11341 140 (28) (16) 132 (106) Net cash provlded by operating actlvltles (Above l) Analysls of cash and ¢a5h equlvalents Cash at bank IAbove 21 1571 1.391 2,649 2,694 23
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS I. PRINCIPAL ACCOUNTING POLICIES The Oxford Diocesan Board of Education IODBEI is a company limited by guarantee (No. 07071809 England and Walesl and a registered charity INO. 11335861 govemed by its Memorandum and Articles of Association, incorporated in England. Its registered office is Church House Oxford, Langford Locks. Kidlington, Oxon OX5 IGF. 8asls of a¢countlng The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Basls of preparation These financial statements have been prepared for the year to 31 December 2021 with comparative infomiation provided for the year to 31 December 2020. The financial statements have been prepared under the historical c05t convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. The financial statements have been Prepared in accordance with Accounting and Reporting bv Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland {Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.The Charity constitutes a public benefit entity as defined by FRS 102. The financial ststements are presented in UK sterling and are rounded to the nearest thousand. Critical accounting estimates and areas of ludgement Preparation of the financial statements may require the directors and management to make slgnificant judgements and estimates. Other than the estimation of future income and expenditure flows for the purpose of assessing going concern Isee below), there are no critical accounting estimates or areas where judgement has been applied in the preparation of these financial statements. Golng concern The directors have assessed whether the use of the going concern assumption Is appropriate in preparing these financial statements. The directors have made this as5e55ment with respect to a period of at least one year from the date of approval of these financial statements. The directors have concluded that there are no material uncertainties related to events or condition5. including Covid-19, that may cast significant doubt on the ability of the Charity to continue as a 8oin8 concern. The directors are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. This is because the Charity has sufficient monetary assets, including short term cash balances, which could be readily realised in order to meet liabilities should there be an unexpected curtailment of income. 24
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 I. PRINCIPAL ACCOUNTING POUCIES (Conyd) Income Income, including donations and grants is recognised In the period in which the Charitv 15 entitled to receipt, the amount can be measured reliably and it is probable that the funds will be received. Monies receivable from the Government's Coronavirus Job Retention Scheme are recognised when the charity has entitlement to the income. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure Expenditure is included In the statement of tinancial activities when incurred and excludes fecoverable VAT. Expenditure comprises expenditure on the Chariws primary charitable purposes as described in the directors, report including the payment5 of grants. The expenditure includes both costs that can be allocated directly to such activities and those indirect costs necessary to support them. Support costs are those costs which enable charitable activitie5 to be carried out. These costs include the expenses relating to finance, human resources, property management, communications and information technology. Grants payable are included in the statement of financial activities when approved and when committed. Commitment will usually arise when the intended recipient has either received the funds or been informed of the decision to make the donation. Tanglble Flxed Assets Depreciation is calculated to write off the office and computer equlpment to Its residual value by equal instalments over 4 years, being its estimated useful life. Flnancial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Apart from fixed asset investments held at fair value, these are recognised initially at transaction value and subsequently measured as described below. Investments Listed investments are a form of basic financial instrument and are initially recognised at thelr transaction value ènd subsequently measured at their fair value as at the balance sheet date using the closing quoted market bid-price. Realised gains lor losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the 25
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 310ecember 2021 I. PRINCIPAL ACCOUNTING POLICIES (Convd) first day of the financial year. Unrealised Eains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment galns lor losses} are combined in the statement of financial activities and are credited lor debited) in the year in which they arise. Debtors Debtors are recognised at their settlement amount, le55 any provision for non-recoverability. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Credltors and provisions Creditors and provision5 are recognised when there is an obligation at the balance sheet date as result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. Liabilities in respect of building works are recognised when the charity is invoiced. School Buildlng Projects The Charity assist5 voluntary aided schools with school building projects and the provision of IT equipment. The VASCA IVoluntary-Aided Schools Condition Allocationl system was introduced in April 2020 and superseded the LCVAP (Locally Coordinated Voluntary-Aided Programmel. Until April 2020, the Charity acted a5 the agent of school governors in helping to arrange funding through the DfE and Local Authorities and in paying professional fees and building costs on behalf of school governors. The LCVAP income and expenditure was not reflected in the Statement of Financial Activities as the Charity had no control overthe funds and the transactions were those of the school governors rather than the Charity which acted as agent. The change in funding from April 2020 gives the Charity ultimate control over the application of the VASCA grants to Specific schools. Therefore. the VASCA grant funding received is recognised in the SOFA alon8 Wlth the related expenditure. Fund structure The unrestricted funds comprise those monies which may be used towards meeting the charitable objectives of the charity and may be applied at the discretion of the directors. The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions. The endowment funds comprise assets which normally must be held as capital {permanentl but. where permitted, may be applied towards meeting certain charitable aims lexpendablel. The income therefrom may be used either in accordance with the donors. wishes, if stipulated. or for general purposes. 26
Oxford Dlocesan Board of Educatlon Directors, Report and Financial Statements For the Year Ended 31 December 2021 I. PRINCIPAL ACCOUNTING POLICIES (Convd) Penslons The pension costs charged in the financial statements represent the contributions payable by OD8E during the year to four pension schemes.. the final salary scheme operated by ODBF through the Pensions Trust, the Teachers. Pension Scheme, the Pension Builder Scheme of the Church Workers Pension Fund and a private/personal pension scheme. Full disc105ure of the final salary pension scheme operated by OD8F is included in the accounts of Oxford Diocesan Board of Flnance, the participating employer. 27
Oxford Diocesan Board of Educatlon Directors, Report and Financial Statements For the Year Ended 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS (Convd.) 2. ANALYSIS OF INCOME 2.1 Income from Donatlons Total 2021 Total 2020 £'ooo 521 io Annual support grant from CSUST Other CSUST grants Total grants from CSUST 527 527 531 Annual ODBF grant Common Vision grants.. Chaplaincy & Church/Schools relationships 269 269 iio iio Other Diocesan grants Total Diocesan grants from ODBF 382 382 DfE grants {note 41 Job Retention Scheme grant 3,235 3.717 32 Total grants 4,144 4,662 All donations and grants related to unrestricted funds in both the above years except for £89k of the annval grant from CSUST and £3,235K from the DfE which are restricted to property related expenditure. 2.2 Income from Charitsble Activitles School premises related income School Service Level Agreements Training and consultancy services to schools Admission5 Appeals 401 269 133 36 315 227 139 44 Total Unrestricted Income from Charitable Activities Restricted income from Training and Consultancy Services to Schools 839 725 15 25 Total Income from Charitable Activities 854 750 2.3 Income from Investments Interest Receivable- Unrestricted Dividends Receivable- Restrlcted 12 12 13 16 28
Oxford Diocesan Board of Education D1clOr5, Report and Financial Statement5 For the Year Ended 31 December 2021 3. ANALYSIS OF EXPENDITURE 3.1 Expendlture on Charltable Artlvlties 2021 Support Costs (Note 3.21 2020 Total C05tS Direct Costs Total Costs £'ooo 1,193 300 51 vooo 1,218 273 Schools Leadership and Governance Support School Premises Related Support Admissions and Appeals Service 1,038 241 43 155 59 Totsl Unrestricted Expenditure 1,322 222 1,544 1.539 School Premises Related Support Total Restricted Expenditure 3.521 3.521 3,521 3.521 2.512 2,512 Total Expenditure on Charitable Activities 4.843 222 5.065 4,051 3.2 Support Costs School School Leadership Premises Related Governance Support Support £'ooo 17 38 31 23 46 Admissio ns& Appea15 Service 2021 Total 2020 Total £'ooo Governance (Note 3.31 Finance Information Technology Human Resources Other Overhead Costs 22 69 41 30 60 16 68 37 29 58 29 12 Total 155 59 222 208 3.3 Governance Costs 2021 2020 Audit Fees Statutory Costs and Legal Fees Committee Costs 12 22 16 29
Oxford Diocesan Board of Education Dirertors, Report and Financial Statements For the Year Ended 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS (Convd.) 4. SCHOOL BUILDING IMPROVEMENTS AND REPAIRS The Charity assists voluntary aided schools with school building projects and the provision of IT equipment. The VASCA IVoluntary-Aided Schools Condition Allocation) system was introduced in April 2020 and superseded the LCVAP {Locally Coordinated Voluntary-Aided Programmel. Until April 2020, the Charity acted as the agent of school governor5 in helping to arrange funding through the DfE and Local Authorities and in paying professional fees and building costs on behalf of school governors. The LCVAP income and expenditure was not reflected in the Statement of Financial Activities as the Charity had no control over the funds and the transactions were those of the School governors rather than the Charity which acted as agent. The change in funding from April 2020 gives the Charity ultimate control over the application of the VASCA grants to specific schools. Therefore, the VASCA grant funding received is recognised in the SOFA along with the related expenditure. 2021 2020 £'ooo School Building Improvements & IT Equipment Funded by: Department for Education IDfEI- DFC Department for Education IDfEI- VASCA Local Authorities {LAsl School Governors and other 4.303 2,809 566 3,281 iio 346 929 1,687 193 4,303 2,809 5. DIREcfoRS' REMUNERATION No remuneration has been paid to any director during the year for acting as a director or trustee 12020: none). I director was reimbursed for travel, subsistence and incidental costs amounting to £I,0fy)12020: 1 director was reimbursed £401. 30
Oxford Diocesan Board of Education Directors, Report and Flnantial Statements For the Year Ended 31 December 2021 6. sfAFF COSTS The average staff numbers lexcluding directors) based on headcount and full-time equivalent5 was as follows: 2021 2020 Average Full time Headcount Equivalent Average Heodcount Full time Equivolent Support for Charitable Activities Admin Support 20.0 16.4 20.4 15.4 Total 22.0 17.8 22.8 18.4 Staff costs during the year amounted to: 2021 202Q Wages and Salaries Pensions Contrlbutions Social Security Costs 962 2iJ) 107 999 206 iii Total 1,269 1.316 The number of employees whose emoluments for the year (including benefits in kind but excluding employerfs National Insurance and pension contributions} exceeded £60,000 were as follows: 2021 2020 £60,001-£70.0 £70.001-£80,0 £90.(X)I-£Ioo.000 Remuneratlon of key management personnel Key management personnel are deemed to be those havlng authority and responsibility for planning, directing and controlling the activities of ODBE. In addition to the directors of the company. key management personnel during 2021 comprised: Director of Education Mr Antony Wilson Deputy Director Mrs Frances Bartlett (to 31.08.20211 Deputy Director Mr Gordon Joyner No remuneration was paid to any company director during the year12020'. £nill for acting as a director or a member of key management personnel. The aggregate remuneration, including employe¢s National Insurance contributions and pensions for these 3 employees amounted to £293K12020: 3 employees £290KI. The Charity has insurance to protect it from any loss arising from the neglect or defaults of its directors and to indemnify the d1CtorS against the consequences of any neglect or default on their part. The insurance is provided as part of the Charitws general insurance and as such there is no separate premium payable {2020: none). The cover provided is up to £IOO,OCrf) {2020: £100,000). 31
Oxford Diocesan Board of Education Dirertors, Report and Financial Statements For the Year Ended 31 December 2021 7. PENSION COSTS Pension contributions were made in the year to four pension schemes: £28K for two staff to the final salary scheme operated by ODBF through the Pensions Trust12020.. £27KI, £137K for eleven staff to the Teachers, Pension Scheme12020'. £138KI, £32K for eight staff12020= ten staff) to the Church Workers Pension Funds Pension Builder scheme12020: £37KI and £4K (2020.. £4KI for one member of staff to a personallprivate pension scheme. Staff defined benefrt scheme Full disclosure of the final salary pension scheme is included in the accounts of Oxford Diocesan Board of Finance, the participating employer. No additional deficit contributions were due or paid in 2021 towards the previous deficit12020: £nill. Church Workers Penslon Fund ICWPF) ODBE participates In the Pension Builder Scheme section of CWPF for lay staff. The scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers. The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Bullder Classic and a cash balance section known as Pension Builder 2014. Penslon 8ullderScheme The Pension Builder Scheme of the Church Workers Pension Fund is made up of two section5, Pension Builder Classic and Pension Builder 2014. both of which are classed as defined benef it schemes. Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Penslons Board from time to time. Discretionary increases may also be added. depending upon the investment returns and other factors. Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contribution5 are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared. is payable from members, Normal Pension Age. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is a multi-employer scheme as described in Section 28 of FRS 102 as it Is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers. This means that contribution5 are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable12021: £32K. 2020: £37KI. A valuation of the Pension Builder Scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2019. 32
Oxford Diocesan Board of Education Directors, Report and Flnancial Statements For the Year Ended 31 December 2021 7. PENSION COSTS Iconvd) 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 3%, followlng 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, ODBE could become responsible for paying a share of that failed employerfs pension liabilities. Teachers, Penslon Scheme The Teachers. Pension Scheme ITPSI is a statutory. contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. The TPS is an unfunded scheme and members contribute on a -pay as you go. basis these contributions alon8 With those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by publlc funds provided by Parliament. Valuatlon of the Teachers. Penslon Scheme The Government Actuary. using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actvarial Scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factor5. The 13test actuarial valuation of the TPS was carried out as at 31 March 2016. The key elements of the valuation are". Employer contribution rates were Set at 23.68% of pensionable pay (including a 0.08% employer administration charge), effective from I September 2019. Total scheme liabilities {pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million and notional assets lestimated future contributions together with the notional investments held at the valuation datel of £196.100 million, giving a notional past service deficit of £22.000 million. The SCAPE rate. set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI, assumed real rate of return is 2.4% in excess of prices and 2% in exce55 of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%. The TPS was being evaluated as March 2021 when the fundings were announced. The employer contribution rate is expected to be reassessed and will be payable from l April 2023. Supporting documentation regarding the valuation is available on the Teachers, Pensions website. Under the definitions Set out in FRS 102, the TPS is a multi-employer pension scheme. Therefore, ODBE has accounted for its contributions to the scheme as if it were a defined Contribution scheme. 33
Oxford Diocesan Board of Education Dirertors, Report and Financial Statements For the Year Ended 310ecember 2021 NOTES TO THE FINANCIAL STATEMENTS (Convd.) 8. TANGIBLE FIXED ASSErs Computer Equipment £'ooo Office Equipment Total £'ooo Cost at l January 2021 Additions 26 31 Cost at 31 December 2021 27 32 Depreciation at l January 2021 Charge for the Year 19 24 Depreciation at 31 December 2021 23 28 Net book values at 31 December 2020 Net book values at 31 December 2021 9. INVESTMENTS Endowment Funds £'ooo Restricted Funds £'ooo Totsl Market Value at l January 2021 Unrealised Gains in the Year 311 45 115 16 426 61 Market Value at 31 December 2021 356 131 487 Historical Cost of Investments 20 75 95 All of the invested funds are held within the UK in CBF Investment Fund shares. 10. DEBTORS 2021 £'ooo 2020 £'ooo Amounts due within one year: Debtors for School Building5 Work Other Debtor5 Prepayments and Accrued Income 155 128 19 61 97 io 302 34
Oxford Diocesan Board of Education Dlrectors, Report and Financial Statements For the Year Ended 31 December 2021 10. DEBTORS {ConVd) Debtors arising from school building work are mainly due from the DfE and Local Authorities, with a small amount from school governors. These debtors principally relate to monies due under the VASCA Scheme {see note 4}. 11. CASH AT BANK 2021 2020 General Deposit and Current Accounts 2,649 2,694 12. CREDITORS 2021 2020 £'ooo Amounts falling due within one year.. Funding for School Building Works Received in Advance including amounts due under the LCVAP that operated until 31 March 2020 Isee Note 41 Expense Creditors Accruals and Deferred Income {Note 13) Taxation and Social Security 238 169 69 327 73 59 297 42 707 567 Amounts falling due after more than one year: Loan from CSUST loo The loan from CSUST is interest-free with no fixed repayment date and wa5 advanced to assist with cashflow. 13. DEFERRED INCOME 2021 2020 £'ooo Balance at l January Amounts added in current year Amounts released to income from prior years Balance at 31 December 84 83 1841 97 84 (97) 83 84 Deferred Income relates to income received In advance for the period January to March 2022 for the school Service Level Agreement, DFC administration charges and appeals income. 35
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS (Conyd.) 14. ENDOWMENT FUNDS Balance at l January 2021 Investment Gains Balance at 31 December 2021 Hills Bequest for Schools ODBE Thatcham & Newbury Educational Charitv 155 156 23 22 178 178 Total 311 45 356 Included In the funds at 31 December 2021 is £336K of unrealised investment gains12020: £291KI. These funds are held in CBF Investment Fund shares. ODBE- Thatcham & Newbury Educational Charity In May 1979 the old Thatcham Church of England school was sold and the Charity Commission provided that one third of the sale proceeds should be managed as a separate charity. Thi5 fund has perpetual capital, which is invested in CBF Investment Fund shares. The income from this fund Is for furthering the religious, educational and other charitable work of the Church of England in Thatcham and Newbury and the neighbourhood thereof Isee note 151. Hi115 Bequest for Schools This trust has perpetual capital which is invested in the CBF Investment Fund. The income is for the upkeep, maintenance and repair of Church Schools in the diocese with preference being given to Shrivenham School Isee note 15}. 15. RESTRicfED FUNDS Balance at l January 2021 Income Expenditure Investment Gains Balance at 31 Dernber 2021 Building Improvement Scheme Hills Bequest for Schools ODBE Thatcham & Newbury Educational Charity Other 1,693 48 3,324 13,5011 1,516 52 140 25 16 164 20 15 1201 Total 1.906 3,351 13,5211 16 1,752 Included in the funds at 31 December 2021 is £57K of unrealised Investment galns12020- £41KI. These funds are held in CBF Investment Fund shares. Buildlng Improvement scheme The balance ori this fund represents contributions from the DfE and other grants that have not yet been applied to building projects in schools. Since l April 2000 the purpose of this fund has been for both improvements and repairs (see note 41. 36
Oxford Diocesan Board of Education Dlrectors. Report and Financial Ststements For the Year Ended 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS (Convd.) 16. RELATED PARTIES ODBF is a related charity. whlch provided an annual grant to ODBE of £269K in 202112020: £269K). In 2021 ODBF made a grant of £IIOK to ODBE to 5UPPOrt Common Vision projects.. chaplaincy and development of churchlschool relationships. In the prior year, 2020, ODBF made grants totalling £382Kto support engagement between schools and parishes and the development of newschools. ODBF provides support services {HR, finance, ICT, premises. communications and administration) to ODBE with a total cost of £179K in 202112020: £171KI. The amount due to ODBF was £83K at 31 December 202112020= £20KI. DTIOIL holds the funds of CSUST and consults with the charity on the use of CSUST funds (see Directors, Report). CSUST provides interest-free loans to the charity which amounted to £IK on 31 December 2021 to finance cash flow12020: £ICK). CSUST made grants of £527K in 2021 to 5UPPOrt the work of ODBE (2020: £531KI. Oxford Diocesan SchoolsTrust {ODSTI was formed In 2012 as a multi academy trust. Service charges from ODBE to ODST for project management. buildings consultancy, schools advisory. officer and premises support during 2021 totalled £261K12020: £253KI. The amount due to ODBE was £103K at 31 December 202112020 £43KI. Oxford Diocesan Bucks Schools Trust IODBSTI was fomied in 2017 as a multi academy trust. Service charges from OD8E to ODBSTfor project management, schools advisory and officer support during 2021 totaled £36K12020'. E37KI. The amount due to OOBE was £4K at 31 December 202112020: £16KI. ODBE confirms the appointment of directors so as to ensure that the Trust Boards comprises individuals who will uphold the Christian ethos of the schools and have the ability to run a chain of schools. Apart from confirming the appointments, ODBE plays no part in the day to day running of ODST or ODBST. and ODST'S and ODBST'S primary accountability as multi academy trusts is to the Secretary of State. Thus, there is no requirement to con501idate the financial statements of ODST and ODBST with those of ODBE. 17. FINANCIAL COMMITMENTS All future financial commitments for school projects are the responsibility of school governors and are funded by amounts contractually due from the DfE, LAS or school governors directlv. 37
Oxford Diocesan Board of Education Dirertors. Report and Financial Statements For the Year Ended 31 Detember 2021 18. ANALYSIS OF NEf ASSETS BEfwEEN FUNDS Fixed Assets & Investments Cash at Bank Debtors Total £'ooo £'ooo £'ooo Endowment Funds Hi115 Bequest for Schools ODBE Thatcham & Newbury Charity 178 178 178 178 Totsl Endowment Funds 356 356 Restrlrted Funds Building Improvement Scheme Hills Bequest for Schools ODBE Thatcham & Newbury Charity Other 1,580 52 33 20 174 12381 1,516 52 164 20 131 Total Restricted Inme Funds 131 1.685 174 12381 1,752 General Funds 964 128 15691 527 Total Net Assets at 31 December 2021 491 2,649 302 18071 2.635 38
Oxford Diocesan Board of Education Dirertors, Report and Financial Statement5 For the Year Ended 31 December 2021 19. Prior Year Cornpayatlves STA TEMENT OFFINANaAL ACTiwnES For the Yeor Ended 31 December2020 Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2020 Note INCOMEAND ENDOWMENTS FROM.. Donatlons Grantsfrom CSUST Grantsfrom ODBF Grontfrom DfE Job Retention Scheme Grant 87 531 382 3,717 32 382 3,717 32 858 3.804 4,662 CharitableArtivitles." School premises related income School service ogreement Troining and consultancy Services to schools Admission Appeals 315 227 139 315 227 164 25 725 2S 7SO Investments 12 16 Total Income 1.587 3,841 5.428 EXPENDITURE ON." Charitable Artlvltles School leadership ond governonce SUPPOrt School premises relatedsUPPOrt Admission ondAppeols service Total Expenditure 1,218 1,218 273 48 2,512 2,785 1.539 2.512 4.051 Net Income before gains on Investments 48 1,329 1,377 Goins on Investments 20 28 Net income and net movement in funds 1.337 20 1.405 Reconciliation offunds.. Totolfund5 broughtforward 363 569 291 1,223 Totalfunds corrledfonvard 411 1.906 311 2,628 39
Oxford Diocesan Board of Education Directors, Report and Financial Statements For the Year Ended 31 December 2021 STATEMENT OF FINANCIAL AcnviTIES For the Year Ended 310ecember 20201ConVd) The Statement of Financial Activities ISOFAI includes all gains and losses recognised in the year. All income and expenditure derives from continulng activities. The notes on pages 25-37 support the above figures. At 31 December 2020. the above funds were represented by the following net assets: _ FixedA55et5 Cosh at Debtors Liabilities bonk Totol Investments £'ooo E'ooo £'ooo Endowment Funds Restrirted Funds Unrestricted Funds 311 114 311 1,906 411 2.201 493 60 108 1469) (198) Total 433 2,694 168 (667) 2,628 40