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Oxford Diocesan Board of Education

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Oxford Diocesan Board of Education

Directors’ Report and Financial Statements For the year ended 31 December 2024

Company limited by guarantee (No. 07071809 England and Wales) Registered charity (No. 1133586)

Registered & Principal Office: Church House Oxford Langford Locks Kidlington Oxford OX5 1GF

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

		Page
Directors’ Annual	Report	3
Objectivesand Activities		2
Achievements and Performance		4
Future Plans		7
Financial Review		8
Structure, Governance and Management		10
Principal Risks and Uncertainties		12
Reference and Administrative Details		14
Independent Auditor’s Report		16
Statement of Financial Activities		21
Income and Expenditure Account		22
Balance Sheet		23
Statement ofCash Flows		24
Notes to the Financial Statements		25
CE	Church of England
CBF	Central Board of Finance ofthe Church of England
CCLA	CCLA Investment Management Limited
CSUST	Church Schools Uniform Statutory Trust
DfE	Department for Education
DFC	Devolved Formula Capital
DT(O)L	Diocesan Trustees (Oxford) Limited
LA	Local Authority
MAT	Multi Academy Trust
ODBE	Oxford Diocesan Board of Education
ODBF	Oxford Diocesan Board of Finance
ODBST	Oxford Diocesan Bucks Schools Trust
ODST	Oxford Diocesan Schools Trust
Ofsted	Office forStandards in Education
SACRE	Standing Advisory Council on Religious Education
SIAMS	Statutory Inspection ofAnglican and Methodist Schools
SLA	Service Level Agreement
SLT	Senior LeadershipTeam
SOFA	Statement of Financial Activities
VASCA	VoluntaryAidedSchoolsConditionAllocation

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

DIRECTORS’ ANNUAL REPORT

The directors were deeply saddened to note the death of the Bishop of Buckingham, the Rt Revd Dr Alan Wilson in 2024. Bishop Alan was a dear friend and colleague to many across the diocese, having served as Bishop of Buckingham for over 20 years. He offered remarkable leadership to our work in education and church schools over more than a decade. During this time, he chaired the Oxford Diocesan Board of Education and was a member and/or trustee of several Multi-Academy Trusts. Bishop Alan was also a school governor of a number of schools across the whole range of education provision within the Diocese of Oxford.

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 2024.

OBJECTIVES AND ACTIVITIES

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 60,000 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 onwards the government began to provide funding to support this 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 brought 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 serve their local community.

Objectives

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 Charity’s governing document. The Charity, therefore, is responsible for promoting and assisting:

e Education in the diocese consistent with the faith and practice of the Church of England. e Religious education and worship in schools.

On 1 January 2024 the Charity took over the trusteeship of CSUST funds previously held by DT(O)L. The purpose of these funds is set out on page 6.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

OBJECTIVES AND ACTIVITIES (Cont'd)

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:

e Gives advice in relation to any proposed changes to the status, viability and future of all church schools (including significant changes);
e Approves all new building, alterations, and refurbishment to Church School buildings;
e Gives advice to the trustees of Church of England education trusts before any changes are made to their trust property or governing documents (trust deed, Charity Commission scheme, etc);
e Appoints and supports Foundation governors for all church schools;
e Improves the effectiveness of diocesan schools by providing services to support school improvement, professional development of teachers, training for staff and governors, professional advice and pastoral care;
e Advises and supports governing bodies on the appointment of Headteachers and senior staff; e 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 2005;
e Acts as managing trustee of three trusts;
e Actas the site trustees in 84 schools.

Public 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 60,000 pupils and the advisory services of ODBE to the staff and governors of these schools.

Grant making policy

The charity makes grant payments as managing trustee in accordance with the terms of each trust.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE

Introduction

2024 was an incredibly successful year for the Oxford Diocesan Board of Education. The performance of ODBE schools in Ofsted, SIAMS and exam metrics in most cases significantly exceeded national figures. The ODBE offer to schools and MATs continued to be well received and consequently selfgenerated income was by far the largest component of ODBE’s funding. The transfer of CSUST funds from DT(O)L in January 2024 ensured that these investments can be effectively managed and utilised to the benefit of Church of England schools in the Diocese of Oxford.

ODBE’s effective oversight of building programmes continued to demonstrate expertise and the completion of a £12m brand new school building at St Edburg’s in Bicester was the realisation of a significant capital project. Successful recruitment of a new highly qualified Board of Education overseeing a full complement of expert ODBE staff ensured that the organisation is well placed to build upon the successes of 2024 throughout the new triennium (2025-2027).

Working with Multi-Academy Trusts

The number of academy conversions has slowed in 2024 to three and the new government has now removed the conversion grant and the imperative that schools should become academies. The two diocesan MATs supported by ODBE have continued to develop, and further growth remains in the pipeline. ODST now comprises 43 academies and ODBST is made up of 12. ODBE continues to manage capital projects for both ODST and ODBST, which includes planning a new school for Wallingford St Nicholas.

ODBE continues to provide support services to schools to assist them in delivering the best possible outcomes. This ranges from appointing approximately 1,000 governors and MAT trustees across ODBE’s schools and academies (including 22 multi-academy trusts); advising on admission policies at 187 schools; organising independent admission 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 refurbishments, including the planning of completely new schools. The new lower school for St Edburg’s C of E Primary School opened in September 2024 in a zero-carbon building. We continue to push the zero-carbon agenda to remove fossil fuels, but we are dependent on securing government funding to make meaningful progress. Significant decarbonisation work has been undertaken at Burnham St Peter’s, Shinfield St Mary’s, and Datchet Churchmead over the past year.

During the year, the number of schools where ODBE is the site trustee increased slightly to 87 as ODBE became site trustees of Hook Norton, Oakley and Oxford St Francis.

School Effectiveness

The Diocesan School Adviser team continued to support both Church and non-Church schools across the Diocese with each full- time adviser working with around 55 allocated schools. Support given included expert advice around theologically rooted Christian vision, spiritual development, religious education (RE), collective worship, governance and SIAMS inspection readiness. As a team we supported over 80 headteacher and CEO appraisals alongside involvement in all headteacher appointments and attendance at both SIAMS and Ofsted inspection feedback.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (Cont’d)

120 senior leaders engage with the Performance, Resilience and Support Programme that ODBE runs. During 2024 we have had a significant change within the adviser team with the retirement of Ruth Bennie as Deputy Director and subsequent appointment of Toby Long as her replacement from September 2024. At the end of August 2024, Westcott Church of England Primary School was closed.

47 SIAMS inspections were conducted in 2023/2024 academic year, a significant increase on 2022/2023. Of these SIAMS inspections, 97.8% were judged to be Outcome 1, in which the inspection findings indicate that schools are living up to their foundation as Church schools. This is broadly in line with the Church of England average. During the autumn term 2024 a further 24 inspections were conducted. 2023/2024 was the first year of ungraded SIAMS outcomes with the revised SIAMS Framework coming into effect from September 2023 (revised in September 2024).

Powerful examples of this overwhelming success can be seen in the reports for Shiplake, High Ash, Swanbourne, Mursley, Burnham St Peter’s, Ibstone, Sonning and Crazies Hill.

79 Ofsted inspections were completed in the 2023/2024 academic year. By the end of the autumn term 2024 a further 33 had been conducted under the interim arrangements with no overall grades being awarded to schools. Inspections continue to be rigorous and challenging; but the number of ODBE schools judged to be Good or Outstanding is currently 93.8% which is above than the national average (89%). We await significant changes to Ofsted from September 2025.

Strategic Vision

The triennial strategy that came into being at the same time as the new board. 2024 was the final year of the triennial strategy that commenced in January 2022. The workplan for 2024 established ambitious yet realistic targets that were rated for risk. The majority of these were achieved well within the timeframe.

ODBE’s mission was rooted in the values that it has at its core of Humility, Fellowship and Counsel.

ODBE sought to blend vision and pragmatism with 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 sought 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 identified and expressed its role and purpose in four specific commitments:

e Championing the needs of children and young people — This is paramount in its mission within the Diocese of Oxford.
e Confronting the climate emergency — This is the critical challenge facing the planet and will continue to be so.
e Challenging inequality — This is fundamental to how to makea difference to the lives and life chances of members of our communities.
e Advocating the role of the Church of England in education — This is at the roots of ODBE’s foundation as a Diocesan Board of Education.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (Cont’d)

These commitments underpin and shape the actions within each of the twelve key workstreams.

Each workstream had 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 with each annual plan building upon its predecessor. Individual workplans and appraisal targets are informed by the strategy. The workplans for 2024 were rated for risk and scrutinised by the board on a termly basis and the majority of objectives were accomplished.

Impact of The Cost-of-Living Crisis

Clearly the cost-of-living crisis and high levels of inflation had a significant impact upon the work of the Oxford Diocesan Board of Education and actions have been undertaken to mitigate this. Schools’ funding has been increased by the DfE which has enabled them to continue to purchase ODBE services. The organisation took these factors into account when setting its charging policies. ODBE identified and realised where income could be maximised in a proportionate and appropriate manner. Simultaneously, opportunities for efficiencies and smarter working practices continued to be explored to reduce expenditure. This was particularly the case in the structure and work of the adviser team.

Transfer of CSUST funds

On 1 January 2024 the Charity took over the trusteeship of CSUST funds, previously held by DT(O)L, and valued at £11,899K, which wasa significant change as these funds came under the direct control of the board for the first time.

These funds have arisen from the proceeds of the sale of land and buildings of closed schools vested in CSUST under Statutory Instruments.

CSUST income may be used for:

(a) the provision of advice, guidance and resources in connection with management of, or education provided at, voluntary aided, controlled and foundation schools;
(b) the inspection of church schools; and
(c) the cost of employing staff in connection with any of these purposes.

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.

Loans from CSUST are used to provide working capital for building work where expenditure is incurred but subsequently reimbursed by the DfE or Local Authority.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

FUTURE PLANS

The triennial strategy came to an end in December 2024. This has now been superseded by a triennial strategy that runs from January 2025 to December 2027. Whilst this built upon its predecessor the formation of it provided an opportunity to review the vision, values and mission of ODBE.

ODBE’s vision is theologically underpinned and applied to its own context: “To serve our schools in a Christ-like way and for all to flourish.”

The Diocese of Oxford seeks to be a more “Christ-like Church” and to be “Contemplative, compassionate and courageous for the sake of God's world”. ODBE’s values are identical to those with the addition of a fourth value that reflects its unique position interfacing with a wide range of partners.

The following weaves through the outworking of the vision to promote and uphold wisdom, knowledge, and joy and express what it strives to be:

e Contemplative ° Compassionate e Courageous ° Collaborative

ODBE sets out five central tenets which ensure it lives out the virtues of wisdom, knowledge and joy in its work with schools and trusts. These have been strengthened and refined to reflect the current scope and future direction of ODBE’s work. The missional priorities are to:

° Champion the whole needs of all children, young people and adults in schools, MATs and colleges
° Advise, challenge and support leaders to enable them and their schools to flourish
° Support schools to ensure equity, diversity, inclusion, justice, and human flourishing
° Confront the climate emergency for the sake of God’s world
° Advocate and support excellent distinctive Church of England school education

ODBE seeks to be both focused and comprehensive, in a framework that reflects its values, encapsulates its vision, and delivers on mission. Clear workplans have been drafted that can be followed, assessed, and reported on. The outline for the 2025-2027 triennial strategy that draws upon our current strategy but groups priorities around 4 main headings is detailed below:

Flourishing and Wellbeing

° Pastoral and Mental Health Support
° Leadership Development and Challenge ° Spirituality and Formation
° Chaplaincy and Church/School Relationships

Church School Effectiveness

° Collective Worship ° Religious Education and Worldviews
° Courageous Advocacy ° SIAMS

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

FUTURE PLANS (Cont’d)

Development and Support

e Governance ° MAT Support ° Admissions & Appeals e Property Services

ODBE Itself

° People and Culture e Finance
° Strategy and Structure ° Partnerships

FINANCIAL REVIEW

The financial results this year include a significant transaction which related to the transfer of funds as agreed with the Charity Commission from DT(OL) totalling £12,015K on 1 January 2024. This transfer was split between endowment (£10,302K) and restricted funds (£1,713K), and mainly related to CSUST funds (£11,899K as outlined in Note 2.5). These funds are held in Investments or cash deposits. The Unrestricted funds showed a surplus of £313k after transfers.

Unrestricted Funds

The Unrestricted funds include General Funds and a Designated Fund. Overall total unrestricted income was £1,261K (2023: £1,596K), with a surplus of £313K (25%) (2023: £180K (11%)) after transfers on general funds for the year. Grant income from ODBF totalled £341K (2023: £325K), 27% of total unrestricted income.

In the years up to December 2023, the trustees of CSUST made an annual grant to the Charity. Now that the Charity has taken over the trusteeship of the CSUST funds, an equivalent annual transfer is made from CSUST funds to the Charity’s general fund, and this is accounted for as a fund transfer in 2024, rather than as income from an outside body as it was in 2023. Hence grant unrestricted income from CSUST totalled £Nil for the year (2023: £462K) but a transfer of £429K was received from CSUST in 2024.

Income from charitable activities included premises related income of £334K (26%) (2023: £368K), school service agreement income of £299K (24%) (2023: £303K), training and consultancy income of £180K (14%) (2023: £163K), and admissions appeals income of £30K (2%) (2023: £32K).

Costs have been attributed to three categories of support for schools, with staff and overhead costs apportioned between these categories.

The balance at 31 December 2024 for the General fund was £1,020K (2023: 860K). During the year a designated building fund was set up, from interest received on VASCA funds, for the purpose of helping with school building projects. The balance at 31 December 2024 was £153K (2023: £Nil) (see note 18).

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

FINANCIAL REVIEW (Cont’d)

Restricted Funds

A significant proportion of restricted funding income came from grants: the DfE funding totalled £3,028K for the year (2023: £3,150K), the amount of Salix carbon reduction funding received was £670K (2023: £Nil). During the year, ODBE received two further school house funds totalling £79K (2023: 35K). In addition to this, £21K was received from the Bayne Benefaction grant (2023: £20K).

During the year, a significant proportion of restricted expenditure related to the VASCA grant; £3,247K (2023: £3,324K). The amount spent on the DFC Energy grant in 2024 was £Nil (2023: £1,051K). In addition to this ENil (2023: £91K) was spent on Building Improvement work. ODBE also spent £769K (2023: £Nil) on carbon reduction works for 4 schools. The income and expenditure was recognised in the Statement of Financial Activities.

The VASCA grant funding is recognised 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 £241K (2023: £810K) has to be committed to projects by 31 March 2026 or returned to the DfE.

Endowment Funds

The Endowment funds increased with the addition of 3 new funds which occurred as a result of the transfer from DT(O)L of £10,302K on 1 January 2024. The Endowment fund is made up of 4 Permanent Endowment funds of £429K (2023: 344K) at 31 December 2024, and the Expendable Endowment CSUST fund of £10,335K (2023: Nil). Further information is given in Notes 15 and 16.

Reserves Policy

At the end of 2024 the Charity’s unrestricted funds excluding fixed assets (or free reserves) totalled £1,014K (2023: £855K), providing more than 3 months reserves cover for current activities, meeting the Charity’s target of holding approximately 3 months’ expenditure in reserves. The 2025 budget was set with the aim of break-even to maintain the current reserves levels.

ODBE is supported by CSUST funds which amount to £10,335K capital and £1,856K reinvested income at 31 December 2024. Both capital and income are funds which can only be used for educational purposes.

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 £12,176K (2023: £471K).

In the past this has ensured that the capital value was fully maintained over the long term. The directors seek professional investment advice as and when they consider it to be necessary.

The overall investment portfolio, including CSUST funds acquired on 1 January 2024, gave a 2% yield over the year (2023: 3%). The capital value of the funds increased by 3% (2023: 9.5%).

The CSUST funds which were transferred to the Charity as trustee on 1 January 2024 are managed with the advice of the Oxford Diocesan Investment Committee on which the Charity is represented.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Funds held on behalf of schools

The charity holds DFC funds on behalf of schools in separate deposit accounts. ODBE acts as agent in this regard and hence these funds are not included in these financial statements (see note 22).

The Diocese 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 is registered with the Charity Commission (No. 1133586) and it is a company limited by guarantee (No. 07071809 England and Wales). Its governing document is the Diocesan Boards of Education Measure 2021. Activities commenced on 1 January 2011, when the activities and assets of Oxford Diocesan Education Services Limited and the previous Oxford Diocesan Board of Education (Charity Number 307913) were transferred to the new ODBE charitable company.

On 1 January 2024 following Charity Commission approval, the CSUST funds (£11,468k), were transferred from DT(O)L to the Oxford Diocesan Board of Education as trustees.

Board and Committee structure

The directors meet three times a year. There is an Executive Committee which also meets termly, comprising of the board’s Chair with other key directors and the board’s senior officers. The board of directors has six further committees:

Finance Committee

Schools Effectiveness Committee Development Committee Human Resources Panel (a shared committee with ODBF) Diocesan Audit Committee (a shared committee with ODBF & DT(O)L) Diocesan Investment Committee (a shared committee with ODBF from 01 January 2024)

Appointment of directors

The Bishop of Oxford is a director by virtue of his office. The Bishop of Oxford nominates either an area bishop or archdeacon to be a member of the board. He may also appoint one further director, either clergy or lay. Ten members are elected to serve as 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 Charity is concerned.

Directors normally serve for a three-year term linked to Synodical elections. New directors receive induction training. 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.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (Cont’d)

Directors’ responsibilities

The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial 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:

e select suitable accounting policies and apply them consistently;
e observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);
e make judgements and accounting estimates that are reasonable and prudent;
e state whether applicable United Kingdom Accounting Standards have been followed, subject to material departures disclosed and explained in the financial statements;
e 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.

Related Parties

The directors consider the following to be related parties:

i) Oxford Diocesan Board of Finance (ODBF) — a company with charitable status, which is the principal vehicle for dealing with the financial business of the Diocese of Oxford. ODBF supplies a portion of the administrative resources under which the company operates.
The company is accountable to the Oxford Diocesan Synod for the appropriate use of these resources.
ii) | Diocesan Trustees (Oxford) Limited (DT(O)L) — 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. DT(O)L was a related party in 2023 in respect of the CSUST funds, which have now been transferred to ODBE.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (Cont’d)

iii) | 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 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 nor 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 consolidate these financial statements with ODBE.

v) Bayne Benefaction —a charity with a common trustee. ODBE received grants totaling £21K (2023: £20K) from the Bayne Benefaction.

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.

There remain some strong external pressures including inflation, increasing pension costs on the revenue budget and particularly on staffing costs. Failure to address these will result in budget deficits and an erosion of limited reserves which is not sustainable.

Mitigating strategies:

e Continue to develop new income streams, monitor the viability of current services and maximise income from the SLA and other areas.
e Ensure cost effective delivery of services, particularly in the light of new ways of working, including video conference meetings.
e The board has taken steps to reduce expenditure in future years by taking action during 2024 to reduce costs further.
e To monitor the investments to ensure long term sustainability.
The national church has set a target to achieve net zero carbon emissions by 2030 and the Diocese of Oxford’s target is net zero carbon emissions by 2035. Whilst we are fully committed to meeting these targets, capital funding to achieve them is not yet aligned. Most of the schools’ capital funding comes from the Department for Education whose target is to achieve net zero carbon emissions by 2050.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES (Cont’d)

Mitigating strategies:

e We have completed net zero carbon emissions surveys on the schools to identify the extensive capital works required.
e Attempt to identify a further source of capital funding to meet the earlier target dates, including bidding for government funding.
e Encouraging “green” modes of travel where possible.
If small schools (in particular) are not able to respond to the continued budgetary 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 subject to pupil numbers which are now declining in many primary schools and in some cases causing significant pressures. Any permanent closures would cause a reputational risk to ODBE, create considerable disturbance in the community and would result in ODBE not being able to meet its core purpose of serving schools in affected communities.

Mitigating strategies:

e Work proactively to identify those schools most at risk and support them to develop strategies to work together with other schools to improve their viability.
e Encourage schools to come together in federations, amalgamations and in multi-academy trusts and consider alternative leadership models where appropriate.
e Brief the wider diocese and other relevant organisations on how they could support their local schools.
With the current heightened safeguarding awareness, it could lead to the identification of serious safeguarding concerns which could have a negative reputational impact on the ODBE, the wider diocese and the specific schools concerned.

Mitigating strategies:

e Liaise with the appropriate Local Authority and diocesan safeguarding leads to ensure early intervention when concerns are raised.
e Ensure that all policies and procedures of the ODBE effectively consider safeguarding issues.
e Ensure that all trustees and staff are sufficiently well trained to deal with safeguarding issues from the board’s perspective.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Directors of the charity

The following were the directors and members of the Oxford Diocesan Board of Education at the date of this report. All have served throughout 2024 except where indicated otherwise:

Member The Right Reverend Dr S J Croft The Right Reverend Dr AT L Wilson (Chair) (to 17 February 2024) The Right Reverend G A Collins (from 19 March 2024) Mrs V Lister (from 01 January 2025) Miss L Williams (until 31 December 2024) The Revd Canon M D Bennet Mrs K Winrow Mr C Tomes

Mr P Flory

Ms S Marland (from 01 January 2025) Rev C Ferris (from 01 January 2025) Mr T W Llewellyn Mrs P A Hudson The Revd S E Sharp (until 31 December 2024) RevJ P St John Nicolle (from 01 January 2025) Dr F CP Leach (Chair from 19 March 2024)

Basis of appointment Ex Officio Bishop of Oxford Nominated by the Bishop of Oxford

Nominated by the 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 from 01 January 2025 (Previously Co-opted until 31 December 2024) 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 Dorchester Archdeaconry Synod elected for Oxford Archdeaconry

Mr M Abbott The Revd Canon T J L Harper

Mrs H J Brown (until 31 December 2024) Mr A Browne (until 31 December 2024) Mrs H Crolla (until 31 August 2024) Ms N Flower (until 31 December 2024) The Revd Canon D W McFarland (until 31 August 2024) Ms A McBride (from 01 January 2025) Mr P R Norman Mrs R Morris (from 01 October 2024) Mr M Mill (from 01 January 2025) Mrs L M Piper

Co-opted

Co-opted from 01 Jan 2025 (Previously Synod elected for Buckingham Archdeaconry until 31 December 2024) Co-opted Co-opted Co-opted Co-opted

Co-opted Co-opted Co-opted Co-opted Co-opted Co-opted from 01 Jan 2025 (Previously Synod elected for Buckingham Archdeaconry until 31 December 2024)

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

REFERENCE AND ADMINISTRATIVE DETAILS (Cont’d.)

Senior staff and advisers

Director of Education Mr Antony Wilson (Company Secretary) Deputy Director Mrs Ruth Bennie (until 6 May 2024) Deputy Director Mr Gordon Joyner Deputy Director Mr Toby Long (from 1 Sept 2024)

Registered Office Church House Oxford, Langford Locks, Kidlington, Oxford, OX5 1GF

Bankers

National Westminster Bank plc, 43 Cornmarket Street, Oxford, OX1 3HA

Auditor Buzzacott Audit LLP, 130 Wood Street, London, EC2V 6DL

Solicitors Winckworth Sherwood LLP, 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG Insurers Ecclesiastical Insurance Office plc, Benefact House, 2000 Pioneer Avenue, Gloucester Business Park, Brockworth, Gloucester, GL3 4AW

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 (FRS 102).

STATEMENT OF DISCLOSURE TO AUDITOR

As far as each director is aware, there is no relevant audit information of which the Charity’s auditor is unaware.

Each director has taken all the steps he/she ought to have taken as a director in order to make himself/herself aware of any relevant information and to establish that the Charity’s auditor is aware of that information.

Signed on behalf of the directors

Dr FCP Leach Chair

8 May 2025

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OXFORD DIOCESAN BOARD OF EDUCATION

Opinion

We have audited the financial statements of Oxford Diocesan Board of Education (the ‘charitable company’) for the year ended 31 December 2024 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 Practice).

In our opinion, the financial statements:

e give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024 and of its income and expenditure for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

INDEPENDENT AUDITOR’S REPORT (Cont’d.)

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. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 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 themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

e the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
e the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required 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:

e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
e the financial statements are not in agreement with the accounting records and returns; or
e certain disclosures of directors’ remuneration specified by law are not made; or
e we have not received all the information and explanations we require for our audit; or
e the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

INDEPENDENT AUDITOR’S REPORT (Cont’d.)

Responsibilities of directors

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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, 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:

e the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
e 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;
e we focused on specific laws and regulations which we considered may havea direct material effect on the financial statements or the operations of the charitable company, including the Charities Act 2011, the Companies Act 2006, Education Acts, data protection legislation, antibribery, employment, pensions and health and safety legislation;
e we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and;
e identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

INDEPENDENT AUDITOR’S REPORT (Cont’d.)

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

e 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
e considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

e performed analytical procedures to identify any unusual or unexpected financial relationships; e tested journal entries to identify unusual transactions;
e tested authorisation during substantive testing of expenditure;
e assessed whether judgements and assumptions made were indicative of potential bias; and e investigated 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:

e agreeing financial statement disclosures to underlying supporting documentation; e reading the minutes of meetings of those charged with governance; and e enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Date: 9 May 2025

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 31 December 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowment|Total|Funds|Total| |Funds|Funds|Funds|2024|Funds| |2023| |Note|£’000|£’000|£’000|£’000|£’000| |INCOME AND|ENDOWMENTS|FROM:| |Donations|and|grants|2.1|346|3,777|-|4,123|3,972| |Charitable|Activities|2.2|822|21|-|843|886| |Investment|Income|2.3|83|364|-|447|50| |Other|Income|2.4|10|75|-|85|3| |Transfer|of trusteeship|from|2.5|-|1,713|10,302|12,015|-| |DT(O)L| |Total|Income|1,261|5,950|10,302|17,513|4,911| |EXPENDITURE|ON:|Charitable|Activities| |School|leadership|and| |School|premises|related|support|437|4,089|-|4,526|4,744| |Admission|and|Appeals|service|27|-|-|27|34| |Total|Expenditure|3.1|1,641|4,101|-|5,742|5,897| |Net (expenditure)|/ income| |before|gains on investments|(380)|1,849|10,302|11,771|(986)| |Gains|on|investments|8|-|83|298|381|41| |Net|(expenditure)|/ income| |Transfers|between|funds|16,17OT693|(513)|SOS(180)|-|-| |Net income|/|(expenditure)| |and|net movement|in funds|313|1,419|10,420|12,152|(945)| |Reconciliation|of|funds:| |Total|funds|brought forward|860|1,458|344|2,662|3,607| |Total funds|carried forward|1,173|2,877|10,764|14,814|2,662|

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The Statement of Financial Activities (SOFA) includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The prior year comparative SOFA for 2023 is shown in Note 24 on pages 51-52. The notes on pages 25-52 form part of these financial statements.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

INCOME AND EXPENDITURE ACCOUNT

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|||||||| |---|---|---|---|---|---|---| |Total|Total| |2024|2023| |£’000|£’000| |Income|7,211|4,911| |Expenditure|(5,742)|(5,897)| |Operating|surplus/|(deficit)|surplus|for the year|1,469|(986)| |Net|gains on|investments|83|11| |Net income/|(expenditure)|for the year before|transfers|1,552|(975)| |Transfer|from|endowment|funds|180|-| |Net income/|(expenditure)|for the year|1,732|(975)|

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The income and expenditure account is derived from the Statement of Financial Activities with movements in endowment funds excluded to comply with company law. All income and expenditure is derived from continuing activities.

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

Oxford Diocesan Board of Education

BALANCE SHEET as at 31 December 2024 company No. 07071809 (England and Wales)

		2024	2023
	Note	£’000	£’000
FIXED ASSETS
Tangible assets	7	6	5
Investments	8	12,176	471
Total Fixed Assets		12,182	476
CURRENT ASSETS
Debtors due after more than one year	9	13	-
Debtors due within one year	10	409	983
Cash at bank	11	4,203	3,118
Total Current Assets		4,625	4,101
Creditors: Amounts falling due within one year	12	(1,942)	(1,915)
Net Current Assets		2,683	2,186
Total Assets Less Current Liabilities		14,865	2,662
Creditors: Amounts falling due after more than one year	13	(51)	:
NET ASSETS		14,814	2,662
THE FUNDS OF THE CHARITY
Permanent Endowment Funds	15	429	344
Expendable Endowment Funds	16	10,335	-
Endowment Funds		10,764	344
Restricted Funds	17	2,877	1,458
General Funds		1,020	860
Designated Funds		153	-
Unrestricted Funds	18	1,173	860
TotalCharityFunds		14,814	2,662

‘ Total Charity Funds

The notes on pages 25 to 52 form part of[these][financial][statements.][Included][in][the][above][investments] are unrealised gains amounting to £758K. See notes 16 and 17 to the financial statements. These financial statements were approved and authorised for issue by the directors on 8 May 2025 and signed on their behalf by:-

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Tht ee Be
Chair Director
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Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

STATEMENT OF CASH FLOWS for the year ended 31 December 2024

	2024		2023
	£’000	£’000	£’000	£’000
Net cash provided by/ (used in) operating activities		643		(372)
(Below 1)
Cash flowsfrom investing activities
Dividends and interest received from investments	446		50
Purchase oftangible fixed assets	(4)		(3)
Net cash provided by investing activities		442		47
Change in cash and cash equivalents in the
reporting period		1,085		(325)
Cash and cash equivalents at 1January		3,118		3,443
Cash and cash equivalents at 31 December (Below		4,203		3,118
2)
Reconciliation of net movements in funds to net
cash flow provided/ (used in) byoperating
activities
Netmovement infunds forthe year		12,152		(945)
Adjustments for:
Investments transferred from DT(O)L		(11,324)		-
Depreciation charges		3		3
Gains on investments		(381)		(41)
Dividends and interest receivable from investments		(446)		(50)
Decrease/ (Increase) in debtors		561		(668)
Increase in creditors		78		1,329
Net cash provided by/ (used in) operating		643		(372)
activities (Above 1)
Analysis ofcash and cash equivalents
Cashatbank(Above2)		4,203		3,118

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS

1. PRINCIPAL ACCOUNTING POLICIES

The Oxford Diocesan Board of Education (ODBE) is a company limited by guarantee (No. 07071809 England and Wales) anda registered charity (No. 1133586) governed by its Memorandum and Articles of Association, incorporated in England. Its registered office is Church House Oxford, Langford Locks, Kidlington, Oxon OX5 1GF.

Basis of accounting

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2024 with comparative information provided for the year to 31 December 2023.

The financial statements have been prepared under the historical cost 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 by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in UK sterling and are rounded to the nearest thousand.

Critical accounting estimates and areas of judgement Preparation of the financial statements may require the directors and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

e The amount of expenditure recoverable from the sale of closed school sites included within these financial statements as debtors.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS

1. PRINCIPAL ACCOUNTING POLICIES (Cont’d)

Going 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 assessment 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 conditions that may cast significant doubt on the ability of the Charity to continue as a going 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.

Income

Income, including donations and grants is recognised in the period in which the Charity is entitled to receipt, the amount can be measured reliably and it is probable that the funds will be received.

Income comprises donations, income from listed and property investments and income relating to closed school sites.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Rent receivable is recognised as income in the year in respect of which it is receivable.

Income from the sale of closed school sites (see school premises below) is recognised upon receipt of funds after the sale of the site is completed.

Expenditure

Expenditure is included in the statement of financial activities when incurred and excludes recoverable VAT.

Expenditure comprises expenditure on the Charity’s primary charitable purposes as described in the directors’ report including the payments 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 activities 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.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS

PRINCIPAL ACCOUNTING POLICIES (Cont’d)

Tangible Fixed Assets

Depreciation is calculated to write off the office and computer equipment to its residual value by equal instalments over 4 years, being its estimated useful life.

Financial 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 their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market bid-price.

Realised gains (or 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 first day of the financial year. Unrealised gains 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 gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

The amounts recoverable from the sale proceeds of closed schools represent professional fees and other costs incurred in respect of those school land and buildings and are recoverable from the disposal proceeds once sold.

It should be noted that there is no certainty about when these sums will be received, but it is deemed appropriate to include the full amounts as debtors in order to preserve the right to recovery should the opportunity arise. If and when any such items become clearly irrecoverable, they are written off as expenditure (see critical accounting estimates and areas of judgement above).

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.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

1. PRINCIPAL ACCOUNTING POLICIES (Cont’d)

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 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 Building Projects

The Charity assists voluntary aided schools with school building projects and the provision of IT equipment. The VASCA (Voluntary-Aided Schools Condition Allocation) system was introduced in 2020, and gives the Charity ultimate control over the application of the VASCA grants to individual schools. The VASCA funding is therefore recognised in the SOFA, as is 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 (permanent) but, where permitted, may be applied towards meeting certain charitable aims (expendable). The income therefrom may be used either in accordance with the donors’ wishes, if stipulated, or for general purposes.

Pensions

The pension costs charged in the financial statements represent the contributions payable by ODBE during the year to the Teachers’ Pension Scheme, the Pension Builder Scheme of the Church Workers Pension Fund and a private/personal pension scheme. Full disclosure of the final salary pension scheme operated by ODBF is included in the accounts of Oxford Diocesan Board of Finance, the participating employer.

Funds held on behalf of schools

ODBE acts an agent where it holds funds on behalf of schools. These funds are not included in these financial statements.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

1. PRINCIPAL ACCOUNTING POLICIES (Cont'd)

School premises

The land and buildings of a number of schools are vested in ODBE, where ODBE acts as site trustees. In some circumstances ODBE will also undertake the management of the attached school house. ODBE records restricted income where rental income from the house is received and repair and insurance costs are shown as restricted expenditure. Where school sites are sold proceeds may need to be apportioned between CSUST (part of ODBE from 1 January 2024) and a Local Authority and/or other parties. As such assets have no meaningful value during this period of uncertainty, they are not valued for the purpose of these financial statements.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

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||||||||| |---|---|---|---|---|---|---|---| |2.|ANALYSIS|OF|INCOME| |2.1|Donation|and|Grants| |General|Restricted|Total|Total| |2024|2024|2024|2023| |£’000|£’000|£’000|£’000| |Grants|from|CSUST|-|-|-|462| |Grants|from|ODBF|341|-|341|325| |Grants from|DfE — VASCA|-|3,028|3,028|3,150| |Grants from|Salix|-|670|670|-| |Other|Grants|5|-|5|-| |Donations|from|Other|Charities|-|79|79|35| |346|3,777|4,123|3,972|

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The total of restricted income for 2023 was £3,276K. This is comprised of £91K from CSUST, £3,150K from DfE relating to VASCA, and £35K Gifts from Other Charities.

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||||||| |---|---|---|---|---|---| |Total|Total| |2024|2023| |£’000|£’000| |Annual|ODBF|grant|291|275| |Common Vision grants: Chaplaincy &|50|50| |Church/Schools|relationships| |Total|Diocesan|grants from|ODBF|341|325|

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The donation received from Other Charities relates to two further School house/halls in addition to the Wootton School House funds received in 2023 (See note 17).

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

2. ANALYSIS OF INCOME (Cont’d)

2.2 Income from Charitable Activities

	General	Restricted	Total	Total
	2024	2024	2024	2023
	£’000	£’000	£’000	£000
School premises related income	334	-	334	368
School Service Level Agreements	299	-	299	303
Training and Consultancy services	159	21	180	183
to schools
Admissions Appeals	30	-	30	32
	822	21	843	886

Included in 2023 Training and Consultancy services to schools is restricted income of £20K.

2.3 Income from Investments

	General	Restricted	Total	Total
	2024	2024	2024	2023
	£’000	£’000	£’000	£’000
Dividend Receivable	-	234	234	13
Interest Receivable	83	130	213	37
	83	364	447	50

Included in General Interest receivable in 2024 is £68K relating to the designated fund (Note 18). Included in 2023 is restricted Income of £13K of Dividends Receivable and £3K of Interest Receivable.

2.4 Other Income

		General	Restricted	Total	Total
		2024	2024	2024	2023
		£’000	£’000	£’000	£’000
Other	Income	10	22	32	-
Rental	Income	-	53	53	3
		10	75	85	3

The restricted rental income relates to CSUST Properties £40K (2023: None) which are now part of ODBE and three school house/hall rentals of £13K (2023: £3K).

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

2. ANALYSIS OF INCOME (Cont’d)

2.5 Transfer of trusteeship from DT(O)L

Analysis of transfer from DT(O)L — see below for breakdown of each of the four funds.

	Note	Restricted	Endowment	Total
		2024	2024	2024
		£’000	£’000	£'000
Permanent Endowment	15
Woolhampton — James Blyth CharityTrust		-	58	58
Woolhampton— Misses Blyth Currie Trust		-	16	16
Expendable Endowment	16
CSUST		-	10,228	10,228
Restricted funds	17
CSUST		1,671	-	1,671
Woolhampton —James Blyth CharityTrust		35	-	35
Woolhampton— Misses Blyth— CurrieTrust		5	-	5
Tackley CE School		2	-	2
		1,713	10,302	12,015

On 1 January 2024 following Charity Commission approval, the CSUST, Woolhampton and Tackley funds (£12,015k), were transferred from DT(O)L to the Oxford Diocesan Board of Education as trustees.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont'd)

2. ANALYSIS OF INCOME (Cont’d)

2.6 Operating Leases as a lessor

The Charity receives rental income from leasing certain residential/school properties to tenants under non cancellable operating leases and tenancy agreements. Income received under operating leases is included in the SOFA ona straight-line basis over the period of the lease. At the balance sheet date, the Charity had contracted with tenants to receive the following future minimum lease payments:

	2024	2023
	£’000	£’000
Not later than one year	54	4
Laterthan one year not later than five years	163	11
Laterthan five years	54	4
	271	19
Therearenocontingentrentsrecognisedasincome.

3. ANALYSIS OF EXPENDITURE

3.1 Expenditure on Charitable Activities

Expenditure onon Charitable Activities
		2024			2023
	Direct	Capital	Support	Total	Total
	Costs	and	Costs	Costs	Costs
		Building	(Note 3.2)
		Costs
	£’000	£’000	£’000	£’000	£’000
Schools Leadership and Governance	1,006	-	183	1,189	1,119
Support
School Premises Related Support	365	4,093	68	4,526	4,744
Admissions and Appeals Service	23	-	4	27	34
TotalExpenditure	1,394	4,093	255	5,742	5,897

Included in Capital and Building costs are the following:

Legal fees relating to CSUST closed sites amounting to £33K (2023: ENil). - Grant expenditure of £36K (2023: Nil) (see note 3.4)

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d)

3. ANALYSIS OF EXPENDITURE (Cont’d)

3.2 Support Costs

Support Costs
	School Leadership	School	Admissions	2024	2023
	&Governance	Premises	&Appeals	Total	Total
	Support	Related	Service
		Support
	£’000	£’000	£’000	£’000	£'000
Governance (Note 3.3)	20	8	-	28	25
Finance	54	20	1	75	68
Information Technology	30	10	1	41	31
Human Resources	23	9	1	33	30
Other Overhead Costs	56	21	1	78	79
Total	183	68	4	255	233

Depreciation of £3K (2023: £3K) is included in Support costs - Information technology costs. There are no operating lease charges (2023: £Nil) included in the accounts.

3.3 Governance Costs

Governance Costs
	2024	2023
	£’000	£’000
Audit Fees	16	16
Statutory Costsand Legal Fees	11	9
Committee Costs	1	-
	28	25
Grants expenditure
	2024	2023
	£’000	£’000
Falklands PrimarySchool	3	-
COINS Trust	9	-
Equinox LearningTrust	22	-
Tackley Primary School	2	-
	36	-

3.4 Grants expenditure

The grants above are paid from restricted funds.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d)

DIRECTORS’ REMUNERATION

No remuneration has been paid to any director during the year for acting as a director or trustee (2023: none). Two directors were reimbursed for travel, subsistence and incidental costs amounting to £108 (2023: 5 directors were reimbursed £392). One director (Mrs H Crolla) was also employed as a consultant from November 2023 onwards for work relating to headteacher appraisals and received £16,899 (2023: £3,000). This person resigned as a director on 31 August 2024. There were no balances relating to directors at the year-end.

5. STAFF COSTS

The average staff numbers (excluding directors) based on headcount and full-time equivalents was as follows:

as follows:
	2024		2023
	Average	Full time	Average	Full time
	Headcount	Equivalent	Headcount	—_Equivalent
Support forCharitable Activities	15.3	13.2	18.4	14.9
Admin Support	2.0	1.4	2.0	1.4
Total	17.3	14.6	20.4	16.3
Staff costs duringthe yearamounted to:
			2024	2023
			£’000	£’000
Wages and Salaries			898	845
Pensions Contributions			196	177
Social Security Costs			97	89
Total			1,191	1,111
The numberofemployeeswhoseemolumentsforthe year		the year (including	benefits in kind but excluding
employer’s National Insurance and pension contributions) exceeded			£60,000were	as follows:
			2024	2023
£60,001-£70,000			4	5
£70,001-£80,000			2	1
£100,001-£110,000			-	1
£110,001-£120,000			1	-

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

5. STAFF COSTS (Cont'd)

Remuneration of key management personnel

Key management personnel are deemed to be those having authority and responsibility for planning, directing and controlling the activities of ODBE. In addition to the directors of the company, key management personnel during 2024 comprised:

Director of Education Mr Antony Wilson Deputy Director Mrs Ruth Bennie (until May 2024) Deputy Director Mr Gordon Joyner Deputy Director Mr Toby Long (from September 2024)

No remuneration was paid to any company director during the year (2023: f£nil) for acting as a director or a member of key management personnel. The aggregate remuneration, including employer’s National Insurance contributions and pensions for these four employees amounted to £330K (2023: 3 employees £337K).

The Charity has insurance to protect it from any loss arising from the neglect or defaults of its directors and to indemnify the directors against the consequences of any neglect or default on their part. The insurance is provided as part of the Charity’s general insurance and as such there is no separate premium payable (2023: none). The cover provided is up to £100,000 (2023: £100,000).

6. PENSION COSTS

Pension contributions were made in the year to three pension schemes: £149K for ten staff to the Teachers’ Pension Scheme (2023: £115K for nine staff), £32K for seven staff (2023: £25K for six staff) to the Church Workers Pension Funds Pension Builder scheme and £15K for two members of staff to a personal/private pension scheme (2023: £18K for three staff).

Staff defined benefit scheme

Full disclosure of the final salary pension scheme is included in the accounts of Oxford Diocesan Board of Finance, the participating employer. An additional deficit contribution of £7K was paid in 2024 (2023: Enil).

Church Workers Pension Fund (CWPF)

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 Builder Classic and a cash balance section known as Pension Builder 2014.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

6. PENSION COSTS (Cont’d)

Pension Builder Scheme

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit 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 Pensions 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 contributions 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 contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable (2024: £32K, 2023: £24K).

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.

For the Pension Builder Classic section, the 2022 valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time. The next valuation is due as at 31 December 2025.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m 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 employer's pension liabilities.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

6. PENSION COSTS (Cont’d)

Teachers’ Pension Scheme

The Teachers’ Pension Scheme (TPS) 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 along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension 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 Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The actuarial valuation of the TPS which applied during the year ended 31 December 2024 was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 13 October 2023. The key elements of the valuation and subsequent consultation were:

e Employer contribution rates were set at 28.6% of pensionable pay (including a 0.08% employer administration charge); and
e total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million.

Up until 1 April 2024, the employer contribution rates were 23.68% (including a 0.08% administration levy), which was based on the 31 March 2016 valuation.

The employer’s pension costs paid to TPS in the period amounted to £149K, (2023: £115K). A copy of the valuation report and supporting documentation is on the Teachers' Pension Scheme website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. ODBE has accounted for its contributions to the schemeas if it were a defined contribution scheme. ODBE has set out above the information available on the scheme

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

7. TANGIBLE FIXED ASSETS

	Total
	£’000
Cost at 1January 2024	11
Additions	4
Cost at 31 December 2024	15
Depreciation at 1January 2024	6
Charge fortheYear	3
Depreciation at 31 December 2024	9
Net book values at 31 December 2023	5
Netbookvaluesat31December2024	6

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

8. INVESTMENTS

INVESTMENTS
		Endowment	Restricted	Total
		Funds	Funds
		£’000	£’000	£’000
Market Value at 1January 2024		344	127	471
Transferfrom DT(O)L (note 2.5)		9,843	1,481	11,324
Unrealised Gains in the Year		298	83	381
MarketValue at31 December 2024		10,485	1,691	12,176
Historical Cost of Investments at 1January2024		20	75	95
Historical Cost of Investments at 31	December	9,863	1,555	11,418
2024
	Total	Holding	Total	Holding
	2024		2023
	£’000	%	£’000	%
Analysis ofinvestments at 31
December
CCLA CBF— Investment Fund	8,593	71	471	100
shares
CCLA CBF—Global Equity Fund	2,345	19	-	-
Income shares
CCLA CBF— Property Fund shares	187	2	-	-
CCLA COIF Ethical Accumulation	796	6	-	-
shares
Charities Property Fund	255	2	-	-
	12,176	100	471	100

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

9.	DEBTORSdue aftermorethan one year
		2024	2023
		£’000	£’000
	Amount recoverable from proceeds ofclosed schools	13	-
10.	DEBTORSduewithin oneyear
		2024	2023
		£’000	£’000
	Trade Debtors-related to building projects	18	761
	Trade Debtors-general	44	123
	Prepaymentsand Accrued Income	347	99
		409	983

In 2023 included in Trade Debtors — related to building projects is an amount due to ODBE of £748K which is a stage payment due from LEA relating to the school expansion project in North Oxfordshire (see note 23). This project was completed in 2024.

CASH AT BANK
	2024	2023
	£’000	£’000
DepositandCurrentAccounts	4,203	3,118

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

12. CREDITORS

CREDITORS
	2024	2023
	£’000	£’000
Amounts falling due within one year:
Trade Creditors-related to building projects	14	164
Trade Creditors-general	48	135
Other Creditors-general	-	113
Other Creditors-restricted	8	847
Accruals and Deferred Income (Note 14)	1,576	126
VASCA accrual	228	470
Taxation and Social Security	68	60
	1,942	1,915

Included in Accruals and Deferred Income in 2024 is an amount of £1,249K which relates to funds due to be paid to third parties. Included in Other creditors in 2023 is £787K due to be spent ona LEA funded school building expansion project (see note 23). Included in general trade creditors was amounts due to the pension schemes of £43K (2023: £20K).

13. CREDITORS: amounts falling due after more than one year

	2024	2023
	£’000	£’000
Amounts due to local authorities	51	-
DEFERRED INCOME
	2024	2023
	£’000	£’000
Balance at 1 January	111	194
Amountsadded in current year	113	111
Amounts released to income from prioryears	(111)	(194)
Balanceat31December	113	111

14. DEFERRED INCOME

Deferred income relates to income received in advance for the period January to March 2025 for the school Service Level Agreement, DFC administration charges and appeals income.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

15. PERMANENT ENDOWMENT FUNDS

	Balance	at	—_—‘Transferfrom	Investment	Balance at
	1January		Diocesan	Gains	31 December
	2024		Trustees		2024
			(Oxford) Ltd
	£’000		£’000	£’000	£’000
Hills Bequest for Schools	172		-	4	176
ODBEThatcham & Newbury	172		-	4	176
Educational Charity
Woolhampton—James Blyth		-	58	2	60
CharityTrust
Woolhampton — Misses Blyth		-	16	1	17
Currie Trust
Total	344		74	11	429

Included in the funds at 31 December 2024 is £335K of unrealised investment gains (2023: £324K).

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. This 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 (see note 17).

Hills 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 (see note 17).

Woolhampton — James Blyth Charity Trust

This fund transferred to ODBE from DTOL on 1 January 2024. This fund started with a donation of £1,000 in 1973 from Ethel Lauretta Blyth-Currie and Mabel Joyce Blyth-Currie. There was a further donation of £500 in 1976 and subsequently £2,400 of income was capitalised. This trust has perpetual capital, which is invested in the Central Board of Finance Investment Fund. The income is for the maintenance of the fabric of Woolhampton CE School. If the fabric of the said school ceases to be the responsibility of the trustees or governors thereof, the income shall be used for the advancement of religious education in the parish of Woolhampton.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

15. PERMANENT ENDOWMENT FUNDS (Cont’d)

Woolhampton- Misses Blyth-Currie Trust

This fund transferred to ODBE from DTOL on 1 January 2024. This fund started with a donation of £2,000 in 1983 from Ethel Lauretta Blyth-Currie and Mabel Joyce Blyth-Currie. This trust has perpetual capital, which is invested in the Central Board of Finance Investment Fund. The income is paid to the Governors of Woolhampton Primary School. If the school closes, the money shall be used for the advancement of religious education in the parish of Woolhampton.

16. EXPENDABLE ENDOWMENT FUNDS

	Balance	at	—‘Transferfrom	Transfers	Investment	Balance at
	1January		Diocesan	(see note 19)	Gains	31 December
	2024		Trustees			2024
			(Oxford) Ltd
	£’000		£’000	£’000	£’000	£’000
CSUST		-	10,228	(180)	287	10,335
Total		-	10,228	(180)	287	10,335

Included in the funds at 31 December 2024 is £287K of unrealised investment gains (2023: None).

Church Schools Uniform Statutory Trust (CSUST)

This fund transferred to ODBE from DTOL on 1 January 2024. This fund's capital arises from the sale proceeds of closed schools and school houses within the Diocese. In addition to these funds, the land and buildings of five closed church schools or school houses are vested in CSUST. The future of these sites is uncertain as to use and retention. Even where these are to be eventually sold, the proceeds are usually apportioned between CSUST and the relevant Local Authority and/or other parties. Therefore it is inappropriate to place any particular value on these sites for balance sheet purposes.

The funds shown do not include sale proceeds of schools and school houses where these are held by solicitors pending an order and/or determination.

Both the capital and income may be used for defraying costs incurred in connection with sales of closed schools and for the purchase of a site, building, improving or maintaining Church of England schools and school houses in the Diocese. The income may also be used for advice, guidance and resources regarding the management and education provided, carrying out inspections in connection with such a school and the employment of staff in connection with the administration of the Trusts.

This fund is administered by the Charity in consultation with ODBE. A summary of all CSUST funds is provided in note 19.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

RESTRICTED FUNDS
	Balance at	Income	Expenditure	_—‘Transfers	Investment	Balances	at
	1January2024				Gains	31
						December
						2024
	£’000	£’000	£’000	£’000	£000	£000
Building Improvement	401	-	-	-	-	401
Scheme
VASCAgrant	810	3,028	(3,247)	(350)	-	241
Salix grant	-	670	(769)	99	-		-
CSUST	-	2,053	(28)	(249)	80	1,856
Hills BequestforSchools	40	7	-	-	-		47
ODBEThatcham & Newbury	137	8	(34)	-	3	114
Educational Charity
Woolhampton—James Blyth	-	38	-	-	-		38
Charity Trust
Woolhampton — Misses Blyth	-	5	-	-	-		5
— Currie Trust
TackleyCE School	-	2	(2)	-	:		-
Wootton School House	37	4	(2)	-	-		39
New Hinksey School House	-	54	(7)	-	-		47
Great Horwood School	-	38	-	-	-		38
Bayne Benefaction	33	21	(6)	(6)	-		42
Otherfunds	-	22	(6)	(7)	-		9
Total	1,458	5,950	(4,101)	(513)	83	2,877

Included in the funds at 31 December 2023 is £136K of unrealised investment gains (2023: £53K).

Building improvement scheme

Since 1 April 2000 the purpose of this fund has been for both improvements and repairs.

VASCA grant

The balance on this fund represents contributions from the DfE and other grants that have not yet been applied to building projects in schools. The transfers during the year relate to an agreed contribution to Salix funding (£99K), transfer relating to cost of ODBE surveyors and a £180K transfer to general funds which relates to a review of the funds held relating to VASCA which previously were included in the fund.

Salix grant

A Salix grant of £670K was received during 2024 to decarbonise three schools. This project will continue into 2025. The transfer of funds received during the year represents contributions from VASCA funds.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

17. RESTRICTED FUNDS (Cont’d)

Tackley C.E. School

The fund comprises rent received from Tackley pre-school and interest thereon. The income is to be used for the benefit of the school. This was transferred to ODBE from DT(O)L on 1 January 2024. A final grant was paid out during 2024 and this fund is now closed.

Wootton School House

Wootton School House relates to funds which have been transferred to ODBE. This was previously managed by local church representatives. ODBE manages the rental income and repairs of this property. Of the income received in the year £4K was rental income (note 2.4).

New Hinksey School House

New Hinksey School House relates to funds which have been transferred to ODBE. This was previously managed by local church representatives. ODBE manages the rental income and repairs of this property. Of the income received in the year £43k is included as income from another charity (see note 2.1) and £10K as rental income (note 2.4).

Great Horwood School

Great Horwood School relates to funds which have been transferred to ODBE. This was previously managed by local church representatives. ODBE manages the rental income and repairs of this property. Of the income received in the year £36K is included as income from another charity (see note 2.1).

Bayne Benefaction

This relates to restricted grant income from the Bayne Benefaction charity.

18. UNRESTRICTED FUNDS SUMMARY

	Balance at	Income	Expenditure	Transfers	Balances at
	1January 2024				31 December
					2024
	£’000	£’000	£’000	£’000	£’000
General fund	860	1,193	(1,641)	608	1,020
Buildings Designatedfund	-	68	-	85	153
Total	860	1,261	(1,641)	693	1,173

During the year, the trustees agreed to set up a Buildings designated fund. This can be used to help on school building projects. The income received relates to bank interest received from the funds held for VASCA projects. The transfer relates to a reallocation of bank interest from VASCA funds received in prior years.

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

19. CSUST FUNDS SUMMARY

	Balance at	Income	Expenditure	_—‘Transfers	Investment	Balances at
	1January2024				Gains	31
						December
						2024
	£’000	£’000	£’000	£’000	£’000	£’000
Expendable Endowment	-	10,228	-	(180)	287	10,335
fund (see Note 16)
Restrictedfund (see note	-	2,053	(28)	(249)	80	1,856
17)
Total	-	12,281	(28)	(429)	367	12,191

The transfer of £429K was made to the General Fund of ODBE. This transfer was originally approved by DT(O)L trustees in 2023 and was confirmed by the ODBE trustees acting as trustees of CSUST in 2024. The annual grant from CSUST funds to support ODBE was previously shown as income in the ODBE accounts, rather than as a transfer. The comparable 2023 amount of £429K is included in note 2.1.

20. RELATED PARTIES

ODBF is a related charity, which provided an annual grant to ODBE of £341K in 2024 (2023: £325K). In 2024 ODBF made a grant of £50K to ODBE to support Common Vision projects: chaplaincy and development of church/school relationships. In the prior year, 2023, ODBF made grants totalling £50K to support engagement between schools and parishes and the development of new schools. ODBF provides support services (HR, finance, ICT, premises, communications and administration) to ODBE witha total cost of £190K in 2024 (2023: £171K). The amount due to ODBF was £19K at 31 December 2024 (2023: £133K). In addition, ODBF provided printing and stationery costs which are recharged to ODBE, the amount totalled £7K (2023: £13K).

Until 31 December 2023 DT(O)L held the funds of CSUST and consulted with the charity on the use of CSUST funds (see Directors’ Report). CSUST made grants of £462K in 2023 to support the work of ODBE. The trustees of ODBE are now also trustees of the CSUST funds, which are accordingly incorporated into the ODBE accounts. For details of the transfer in the year see note 2.5.

Oxford Diocesan Schools Trust (ODST) 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 2024 totalled £259K (2023: £269K). The amount due to ODBE was £Nil at 31 December 2024 (2023 £56K). In addition ODST provided admin support services to ODBE totalling £1K (2023 £Nil). The amount due to ODBE was £Nil at 31 December 2024 (2023 £56K).

Oxford Diocesan Bucks Schools Trust (ODBST) was formed in 2017 as a multi academy trust. Service charges from ODBE to ODBST for project management, schools advisory and officer support during 2024 totalled £64K (2023: £73K). The amount due to ODBE was £Nil at 31 December 2024 (2023: £1K).

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

20. RELATED PARTIES (Cont’d)

ODBE confirms the appointment of directors of ODST and ODBST 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 consolidate the financial statements of ODST and ODBST with those of ODBE.

ODBE received grants from Bayne Benefaction (a separate charity with a common trustee) totaling £21K (2023:£20K). The amount due to ODBE was £nil at 31 December 2024 (2023: Enil).

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Fixed|Assets &|Cash|at|Debtors|Liabilities|Total| |Investments|Bank| |£’000|£’000|£’000|£’000|£’000| |Permanent|Endowment|Funds| |Hills|Bequest|for|Schools|176|-|-|-|176| |ODBE Thatcham|&|Newbury|Charity|176|-|-|-|176| |Woolhampton|— James|Blyth|Charity Trust|60|-|-|-|60| |Woolhampton|—|Misses|Blyth|Currie|Trust|17|-|-|-|17| |429|-|-|-|429| |Expendable|Endowment|Funds| |CSUST|10,057|191|138|(51)|10,335| |Total Endowment|Funds|10486|191|138|(51)|10,764| |Restricted|Funds| |Building|Improvement|Scheme|-|401|-|-|401| |VASCA grant|-|472|-|(231)|241| |Salix|grant|-|-|11|(11)|-| |CSUST|1,535|255|105|(39)|1,856| |Hills|Bequest|for Schools|=|47|-|-|47| |ODBE Thatcham|&|Newbury|Educational|129|12|-|(27)|114| |Charity|:| |Woolhampton — James|Blyth|Charity Trust|21|17|-|-|38| |Woolhampton|—|Misses|Blyth —|Currie|Trust|5|-|-|-|5| |Tackley|CE|School|-|-|-|x|-| |Wootton|School|House|-|39|-|-|39| |New|Hinksey|School|House|-|46|1|-|47| |Great|Horwood|School|-|37|A|-|38| |Bayne|Benefaction|-|42|-|-|42| |Other funds|-|16|2|(9)|9| |Total|Restricted|Income|Funds|1,690|1,384|120|(317)|2,877| |General|Funds| |Unrestricted|funds|6|2,488|151|(1,625)|1,020| |Buildings|designated|fund|-|140|13|-|153| |Total|General|Funds|6|2,628|164|(1,625)|1,173| |Total|Net Assets|at 31|December 2024|12,182|4,203|422|(1,993)|14,814|

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Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

22. FUNDS HELD ON BEHALF OF SCHOOLS

The charity holds 69 DFC school funds (2023: 69) totalling £1,498K (2023: £1,732K). In addition to this the charity also holds funds for some MATs which total £417K (2023: £498K) and two school funds totalling £14K (2023: £14K). ODBE acts an agent in this regard and hence these funds are not included in these financial statements.

23. SCHOOL BUILDING IMPROVEMENTS AND REPAIRS

The Charity assists voluntary aided schools with school building projects and the provision of IT equipment. The analysis is for those funds where ODBE acts as agent for the schools and, hence, these funds are excluded from the SOFA.

	2024	2023
	£’000	£’000
School Building Improvements & IT Equipment	6,103	8,747
Funded by:
Department for Education (DfE)—DFC	445	460
Local Authorities (LAs)	5,305	7,850
School Governors and other	353	437
	6,103	8,747

During the year £5,305k was spent on a school expansion project in North Oxfordshire. The funds were received from Oxfordshire County Council. ODBE has acted as agent. This project completed in the summer of 2024.

Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.)

24. PRIOR YEAR COMPARATIVES

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|||||||| |---|---|---|---|---|---|---| |STATEMENT OF FINANCIAL ACTIVITIES|For the|Year Ended 31|December 2023| |Unrestricted|—|Restricted Funds|Endowment|Total Funds 2023| |Funds|Funds| |Note|£’000|£’000|£’000|£’000| |INCOME AND ENDOWMENTS| |FROM:| |Donations|2.1| |Grants|from|CSUST|371|91|-|462| |Grants|from|ODBF|325|-|-|325| |Grant|from|DfE|-|3,150|-|3,150| |Other donation|-|35|-|35| |696|3,276|-|3,972| |Charitable|Activities:|2.2| |School premises|related|368|-|-|368| |income| |School service|agreement|303|-|-|303| |Training|and consultancy|163|20|-|183| |services|to|schools| |Admission Appeals|32|-|-|32| |866|20|-|886| |Investments|2.3|34|16|-|50| |Other income|2.4|-|3|-|3| |Total Income|1,596|3,315|-|4,911| |EXPENDITURE ON:|Charitable| |Activities| |School leadership|and|1,119|-|-|1,119| |governance|support| |School premises related|263|4,481|-|4,744| |support| |Admission|and Appeals|service|34|-|-|34| |Total Expenditure|3.1|1416|4481 ee|5897| |Net income /(expenditure)| |before gains on|investments|180|(1,166)|-|(986)| |Gains|on|investments|-|11|30|41| |Net income /(expenditure)|180|(1,155)|30|(945)| |and net movement|in funds| |Reconciliation|offunds:| |Totalfunds|brought|forward|680|2,613|314|3,607| |Totalfunds carried|forward|860|1,458|344|2,662|

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Oxford Diocesan Board of Education Directors’ Report and Financial Statements

For the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS (Cont’d.) 24. PRIOR YEAR COMPARATIVES (CONT’D)

STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 31 December 2023 (Cont’d)

The Statement of Financial Activities (SOFA) includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages 2550 support the above figures.

At 31 December 2023, the above funds were represented	At 31 December 2023, the above funds were represented	At 31 December 2023, the above funds were represented	bythe following net assets: -	bythe following net assets: -
	FixedAssets	Cashat	Debtors	Liabilities	Total
	&	bank
	Investments
	£’000	£’000	£’000	£’000	£’000
Endowment Funds	344	-	-	-	344
RestrictedFunds	127	1,913	50	(632)	1,458
UnrestrictedFunds	5	1,205	933	(1,283)	860
Total	476	3,118	983	(1,915)	2,662

2024-12-31-accounts

Oxford Diocesan Board of Education

Directors’ Report and Financial Statements For the year ended 31 December 2024

Table of Contents

DIRECTORS’ ANNUAL REPORT

OBJECTIVES AND ACTIVITIES

Background

Objectives

OBJECTIVES AND ACTIVITIES (Cont'd)

Activities

Public benefit

Grant making policy

ACHIEVEMENTS AND PERFORMANCE

Introduction

Working with Multi-Academy Trusts

School Effectiveness

ACHIEVEMENTS AND PERFORMANCE (Cont’d)

Strategic Vision

ACHIEVEMENTS AND PERFORMANCE (Cont’d)

Impact of The Cost-of-Living Crisis

Transfer of CSUST funds

CSUST income may be used for:

FUTURE PLANS

Flourishing and Wellbeing

FUTURE PLANS (Cont’d)

Development and Support

ODBE Itself

FINANCIAL REVIEW

Unrestricted Funds

FINANCIAL REVIEW (Cont’d)

Restricted Funds

Endowment Funds

Reserves Policy

Investment management

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Diocese of Oxford

Corporate status

Board and Committee structure

Finance Committee

Appointment of directors

STRUCTURE, GOVERNANCE AND MANAGEMENT (Cont’d)

Directors’ responsibilities

Related Parties

STRUCTURE, GOVERNANCE AND MANAGEMENT (Cont’d)

PRINCIPAL RISKS AND UNCERTAINTIES

Mitigating strategies:

PRINCIPAL RISKS AND UNCERTAINTIES (Cont’d)

Mitigating strategies:

Mitigating strategies:

Mitigating strategies:

REFERENCE AND ADMINISTRATIVE DETAILS

Directors of the charity

Mr P Flory

Co-opted

REFERENCE AND ADMINISTRATIVE DETAILS (Cont’d.)

BASIS OF PREPARATION

STATEMENT OF DISCLOSURE TO AUDITOR

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OXFORD DIOCESAN BOARD OF EDUCATION

Opinion

Basis for opinion

Conclusions relating to going concern

INDEPENDENT AUDITOR’S REPORT (Cont’d.)

Other information

We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT (Cont’d.)

Responsibilities of directors

Auditor’s responsibilities for the audit of the financial statements

INDEPENDENT AUDITOR’S REPORT (Cont’d.)

STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 31 December 2024

INCOME AND EXPENDITURE ACCOUNT

Oxford Diocesan Board of Education

BALANCE SHEET as at 31 December 2024 company No. 07071809 (England and Wales)

STATEMENT OF CASH FLOWS for the year ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS

1. PRINCIPAL ACCOUNTING POLICIES

Basis of accounting

Basis of preparation

NOTES TO THE FINANCIAL STATEMENTS

1. PRINCIPAL ACCOUNTING POLICIES (Cont’d)

Going concern