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2020-08-31-accounts

Leicester Diocesan Board of Education Company Limited by Guarantee

Report and Financial Statements For the year ended 31 August 2020

Company Registration Number 08432843

Charity Registration Number 1151692

Leicester Diocesan Board of Education

Company Limited by Guarantee

Report and Financial Statements

For the year ended 31 August 2020

Company Registration Number 08432843 Charity Registration Number 1151692

INDEX
Administrative Details 1
Trustees’ Annual Report (incorporating the
Director’s Report)		 3
Trustees’ Responsibilities Statement 11
Independent Auditor’s Report 12
Statement of Financial Activities (including
income and expenditure account)		 14
Statement of Financial Position 15
Notes to the Report & Financial Statements 16

Leicester Diocesan Board of Education

Company Limited by Guarantee

Report and Financial Statements

For the year ended 31 August 2020

Registered charity name Leicester Diocesan Board of Education Charity registration number 1151692 Company registration number 8432843 Chairman Canon S Adshead Diocesan Director of Education Canon Carolyn Lewis and Secretary of the Board Treasurer Canon S Adshead

Trustees and members of the Leicester Diocesan Board of Education (“the Board”)

No Trustees had any beneficial interest in the charity during the year. The following Trustees, unless otherwise stated served during the year and are still in office at the date of this report:

Ex officio Rt Revd M Snow (Bishop of Leicester)
Ven R Worsfold (Archdeacon of Leicester)
Ven C Wood (Archdeacon of Loughborough)
Canon S Adshead (Chairman)
Elected by Diocesan Synod Canon S Adshead Revd Canon P O’Reilly
Mr R Andrews Mrs E Wayne-Hawker
Mrs C Bampton Revd P Watson
Mr D Jones Mrs M Green
Revd J Hargreaves Revd D Cowie
Miss A Reddecliffe Revd Canon E Davies
Dr C Spencer Revd A Hall
Revd E Wilson
Co-opted by the Board Mr S E Roddy Mr N J Bardsley
Mrs E Prokipczuc Mrs C Ward-Lewis
Mrs A Leadbeater Mrs A McKenzie
Resignations during period: Mrs C Ward-Lewis (31 August 2020)
Mrs A McKenzie (20 December 2019)
Bishop's nominees Mr J Kerry Revd R Woodall

1

Company Limited by Guarantee Report and Financial Statements

Leicester Diocesan Board of Education

For the year ended 31 August 2020

Registered office & St Martins House
Charity address 7 Peacock Lane
Leicester
LE1 5PZ
Telephone 0116 261 5200
Auditor BHP LLP
2 Rutland Park
Sheffield
South Yorkshire
S10 2PD
Solicitors Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR
Bankers Barclays Bank plc
Dominus Way
Meridian Business Park
Leicester
LE19 1RP
Chartered surveyors YMD Boon Limited
York House
Fernie Road
Market Harborough
Leicestershire
LE16 7PH
Land agents Andrew Granger & Co Ltd
2 High Street
Loughborough
Leicestershire
LE11 2PY
Investment managers Savills Investment CCLA Investment Management Ltd
Charities Property Fund Senator House
33 Margaret Street 85 Queen Street
London London
W1G 0JD EC4V 4ET
Insurance brokers Towergate Risk Solutions (Towergate Underwriting Group Limited)
Towergate House
Eclipse Park
Maidstone
Kent
ME14 3EN

2

Leicester Diocesan Board of Education

Company Limited by Guarantee

Trustees' Annual Report

For the year ended 31 August 2020

The Trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financials statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.

Vision and strategy

The Board’s vision and strategy is derived from our key partners, our Bishop and the wider Diocese, the Church of England’s Vision for Education and the Board’s own evaluation of the needs of our Church school family.

The Diocesan Purpose is driven from our Christian Vision: The Kingdom of God. We seek to support one another across our Diocesan family to consider how we are ‘Shaped by God’ and how our daily lives reflect ten marks of mission. This then extends to asking ourselves three key questions about how we are deepening discipleship, growing the number of disciples and offering loving service of the world.

The Church of England’s Education Office has published its vision for Education, ‘Deeply Christian, Serving the Common Good’. This vision, for all of education and not simply Church schools, embraces the spiritual, physical, intellectual, emotional, moral and social development of children and young people. The Church of England, as a whole, seeks a vision of human flourishing for all, one that embraces excellence and academic rigour, but sets them in a wider framework. This is worked out theologically and educationally through four basic elements which permeates the vision:

The vision, in line with the Church of England’s role as the established Church, is for the common good of the whole human community and its environment, whether national, regional or local. This reflects the Board’s responsibility as a charity to provide benefit to the public. It is hospitable to diversity, respects freedom of religion and belief, and encourages others to contribute from the depths of their own traditions and understandings.

The Board believes that it makes its own, unique and distinct, contribution to the work of the wider diocesan purpose and the national Church. First of all, we recognise that we predominantly serve our family of Church schools and we aspire for them to contribute positively and effectively to the ‘healthily plural educational system’ by offering a distinctively Christian ethos. This, of course, must be delivered alongside academic rigour and excellence.

The Board also believe that our schools can and many already do, echo the marks of mission seen in ‘Shaped by God.’ Our schools can be places of transformation, inspiration, celebration and welcome.

The DBE’s vision has captured the hearts and minds of many within our Church school family. There is some way to go and we believe that it is important to be consistent and steadfast in our work. We invite all schools to consider how their work reflects this vision and how they can play their part in the diocese and national network.

3

Company Limited by Guarantee Trustees' Annual Report

For the year ended 31 August 2020

Leicester Diocesan Board of Education

The Vision of the Board is:

‘Transforming the lives of children and young people’

Effective : As a result of visionary leadership and inspirational teaching , children and young people in the Diocese of Leicester achieve excellence . They are well-rounded and confident with a strong sense of self-worth . As learners transformed , they in turn transform their communities.

Distinctive : Unequivocally Christ-like, our schools offer children and young people the opportunity to hear the Christian response to life’s big questions . Christian Worship is invitational , offering the whole school community an opportunity for renewal and to encounter the person of Jesus Christ . Religious Education is exemplary , enabling a genuine understanding of the role of faith and belief in modern society .

Rooted : Our schools are rooted in prayer, partnership with parish and wider community and the teachings of Jesus Christ . Children and young people receive excellent Religious Education equipping them with a firm knowledge of the Christian faith and other key faiths.

Inclusive : Like Jesus himself, our schools are ‘ scandalously inclusive’ . Children and families from all faiths and none are welcomed, respected and cherished . Serving the community in which they are placed, our schools exemplify, ‘ love your neighbour ’.

In supporting 97 church schools across the Diocese of Leicester to realise this vision provides benefit to the public. This is achieved by training and equipping school leaders and governors to make educational provision of the highest quality, which in turn enables children and young people to contribute positively to society.

Objectives and activities

The Board’s objectives are the same as its statutory functions determined by the Diocesan Boards of Education Measure 1991 (“the measure”). They are as follows:

The Board’s principal objective during the year was the promotion of lifelong learning throughout the Diocese, effect being given to the belief that all true education must be based on Christian principles, and the promotion and stimulation of religious education according to the doctrines of the Church of England.

To achieve this the Board appoints staff to support the work of the church schools and the development of the ministry of ordained and lay people.

An additional aim of the Board’s work is to promote and facilitate building work in Church of England schools within the Diocese. Creating and maintaining high quality learning environments has clear public benefit.

4

Company Limited by Guarantee

Leicester Diocesan Board of Education

Trustees' Annual Report

For the year ended 31 August 2020

The Board operates a system which enables Voluntary Aided maintained schools to have their Devolved Formula Capital (DFC) Grant money lodged with the Board pending work being carried out. In addition to this, the Board is a member of a diocesan consortium, which receives School Condition Allocation (SCA) Grant money for capital work in Voluntary Aided maintained schools. This scheme replaced the Locally Coordinated Voluntary Aided Programme (LCVAP). From September 2019, an administration charge is levied for this service and details are published in the Board’s Partnership Agreement with schools. Any interest received on these funds is re-invested for the purposes previously described.

The Board invests the majority of its funds through CCLA Investment Management who are accountable for investment performance. An element of the Board’s funds need to be kept liquid because of its role in ‘bridging’ building projects in schools between payment of invoices to contractors and the receipt of grant funding.

The principal beneficiaries of the charity’s services are the children and young people attending the 97 Church of England schools and academies in the Diocese. Wider than this, the Board also aims to promote and assist in the promotion of education consistent with the faith and practice of the Church of England

Achievements and performance

This table shows the Ofsted and SIAMS (Statutory Inspection for Anglican & Methodist Schools) gradings for the 97 schools within the diocese.

diocese.
Total Primary National Secondary National
Outstanding 13/97
13%		 13/93
14%		 17% 0/4
0%		 21%
Good 71/97
74%		 68/93
73%		 71% 3/4
75%		 56%
Requires Improvement 11/97
11%		 11/93
12%		 9% 0/4
0%		 16%
Inadequate 2/97
2%		 1/93
1%		 3% 1/4
25%		 7%
SIAMS Outstanding Good Satisfactory Inadequate
Primary 36 53 3 1
Secondary 1 3 0 0

During the financial year, the Board aimed to provide and support work amongst children and young people in church contexts by providing professional, pastoral and theological support. The principal public benefit of this work is the support offered by the Board for the provision of worthwhile organised activities for children and young people.

The Board continued to support this work through;

5

Company Limited by Guarantee

Trustees' Annual Report

Leicester Diocesan Board of Education

For the year ended 31 August 2020

Key activities for achieving objectives

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and setting the grant making policy for the period.

In light of the changing educational environment, there is an expectation that the Board become increasingly responsible for the quality of provision within their schools.

Structure, governance and management

The Diocesan Board of Education is constituted in line with the Diocesan Boards of Education Measure 1991 and its Articles of Association.

Trustees

Recruitment and Appointment

Trustees are recruited through advertisement within the Diocese of Leicester. This is mainly through the Diocesan Synod. Some trustees are ex-officio appointments and some are appointed by the Bishop of Leicester. Co-opted trustees are recruited on the basis of their skills and experience in church schools. Trustees are appointed under the categories shown in the Reference and Administrative information provided in this report.

Induction and training

At the first meeting of a new triennium the Board's role and function is explained. All members receive a copy of all the terms of reference for the sub-committees.

At the first meeting of each sub-committee the terms of reference are discussed, and the sub-committee's remit clarified.

During triennium the Board has a variety of on-going opportunities to discuss the strategic plan for the coming three years.

- Organisational and decision making structure

The Board is part of the Synodical structure of the Church of England and is responsible to and reports to the Synod of the Diocese of Leicester.

The Board operates through its meeting and those of the various sub-committees. The Board makes all major decisions, including those relating to financial matters.

Sub-committees scrutinise issues and make recommendations to the Board. Sub-committees have certain delegated powers under their Terms of Reference.

The Board is governed by the certificate of incorporation in accordance with the Companies Act 2006 and the Charities Act 2011.

6

Company Limited by Guarantee

Trustees' Annual Report

Leicester Diocesan Board of Education

For the year ended 31 August 2020

The Board adopted and continue to operate within the core objectives and remit of the Board and had the following sub-committees in the period to 31 August 2020:

Church Schools Business & Finance Committee . The principal responsibilities of this sub-committee are formulating and overseeing a coherent strategy for existing and future school provision across the Diocese and to monitor local and national developments that impact upon the strategy. Also monitoring and managing all financial and property matters appertaining to the Board including maintenance and repair of voluntary aided schools in the Diocese, management of the Board's trustee responsibilities and investments and scrutiny of the Board's financial position and risk management policy and procedures.

Supporting Church Schools Committee . This sub-committee is responsible for formulating and overseeing a coherent strategy for existing and future church school provision across the Diocese in respect of their effectiveness, distinctiveness and inclusivity. Also, to provide support and training services to schools, governors and teachers, to provide guidance on policy and curriculum issues, respond to resolutions from General Synod in relation to church schools and promote and pursue partnerships with Local Authorities. The committee oversees the appointment of Foundation Governors and is responsible for the management of SIAMS (Statutory Inspection of Anglican and Methodist Schools). The committee overseas the Board’s Admissions guidance and its support for schools in these matters.

Strategic Group. This sub-committee works with the Director on all matters of strategy and monitors the Board’s progress towards its vision. The committee regularly reviews the development and growth of Multi Academy Trusts.

Related parties

Through the Synodical structure the Board is related to the Leicester Diocesan Board of Finance from whom it receives grant support, details of which are shown at note 5(i) to the financial statements.

Risk management

The Trustees are required, under the Charities SORP 2019, to confirm as part of the Trustees' annual report that they have reviewed and taken steps to mitigate the major risks to which the Board is exposed. The following are assessed by the Board as major risks:

In respect of each risk identified above, the Trustees have implemented strategies to mitigate and monitor the relevant issue. These mitigations include ensuring the relevant support, systems and expertise is available for schools and Trusts as well as within the Board itself.

The responsibilities of the Trustees cover the identification and assessment of risks, taking appropriate steps to mitigate those highlighted as major risks to the Board and an annual review of risk so as to ensure that the measures taken are adequate.

7

Company Limited by Guarantee

Leicester Diocesan Board of Education

Trustees' Annual Report

For the year ended 31 August 2020

Modern Slavery Statement

The Board and the Charitable Foundations for which we are Trustee, are strongly opposed to slavery and human trafficking. We strive to act ethically and with integrity in all our business dealings and relationships to ensure that slavery and human trafficking is not taking place within our organisation or our supply chains.

Financial review

In financial terms during 2020 the Board planned to:

The principal funding sources for the charity are currently by way of grants from the Diocese of Leicester Board of Finance and investment income.

In the year the Board:

made a transfer from the general fund to s554 funds of £23,314 (2019: £Nil)

The Board has reviewed all available information, taking account of the current position and principal risks and have a reasonable expectation that the charity will be able to continue in operation and meet its liabilities as they fall due.

8

Company Limited by Guarantee

Leicester Diocesan Board of Education

Trustees' Annual Report

For the year ended 31 August 2020

Overall financial performance

The overall financial performance in 2020 may be summarised as follows:

General funds
Endowment funds
Income and endowments
Less: expenditure including transfers
Income and endowments excluding capital
receipts
Less: expenditure including transfers
Loss on disposal of shares
Gains on revaluation of share portfolio
Net movement in funds during the period as
shown on the SOFA
Movements in capital funds		 £
£
£
£
398,638
279,707
(179,943)
(131,905)
218,695
147,802
76,774
140,913
(216,679)
(272,066)
(139,905)
(131,153)
78,790
16,649
-
(212)
24,864
87,594
103,654
104,031
2020
2019		 £
£
£
£
398,638
279,707
(179,943)
(131,905)
218,695
147,802
76,774
140,913
(216,679)
(272,066)
(139,905)
(131,153)
78,790
16,649
-
(212)
24,864
87,594
103,654
104,031
2020
2019
16,649
(212)
87,594
104,031

Reserves

The reserves of the Board comprise those which may be expended for the normal objectives of the Board and those arising from Educational Foundations within the trusteeship of the Board (the Consolidated Fund), which may only be expended for specific purposes as shown in note 17 on pages 26 and 27.

As at 31 August 2020 the total funds are £3,681,954 (2019: £3,578,300) as shown in the Statement of Financial Position on page 15.

Having considered financial risk, liquidity requirement and the timing of cashflows throughout the year, the Board’s policy is to hold a balance of readily available realisable assets equivalent to 3 months of budgeted expenditure. As at 31 August 2020, the minimum amount required under this policy totalled £93,852 (2019: £90,350).

Actual free reserves in general and endowment funds totalled £2,914,915 (2019: £2,791,250). Free reserves in unrestricted funds were positive by £420,158 (2019: positive £181,235)

Actual free reserves are higher than the Board’s policy due to prudent fiscal management.

9

Company Limited by Guarantee

Leicester Diocesan Board of Education

Trustees' Annual Report

For the year ended 31 August 2020

Investment policy

The investments of the Board are represented by:

The movements in the Board's investments are shown at note 12 to these financial statements.

In the light of the market conditions prevalent during the period the Trustees consider the performance of the Board's investments to be satisfactory. It is the policy of the Board to adhere to the ethical investment guidelines issued by the Church of England.

Grant making policies

During the period the Board made grants to the governors of aided schools in relation to the Department for Education (DfE) scheme. Details of the grants made may be found in note 6 of these financial statements.

Funds held as custodian trustee

The Board acts as custodian trustee for a number of small religious education funds. These funds are available to parishes to promote and deliver religious education to the younger society within their parishes.

The assets of these funds consist of either cash deposits or shares in the CBF Investment Fund. All such assets are held in accounts separate from those of the Board.

The total value of the assets held as custodian trustee is £92,952 (2019: £92,175) and relate to the following organisations:

Hugglescote RE Fund
Walcote RE Fund
Syston Junior RE Fund
Syston Infant RE Fund
St Nicholas House Education Foundation
Hoby School Fund
Cossington Day School Charity
Stony Stanton Junior School RE Fund
Syston Junior RE Fund (Shares)		 2020
2019
£
£
60
60
20,292
20,162
25,964
25,797
10,000
10,000
12
12
2,460
2,253
23,857
23,703
3,681
3,786
6,626
6,402
92,952
92,175

Impact of COVID-19

The activities of the schools supported by the Board, and some of the training and other activities of the Board, were significantly impacted by COVID-19 during the year. This however did not have a significant impact on the Board's finances nor is it expected to impact on the Board's long term ability to continue its operations.

10

For the year ended 31 August 2020

Leicester Diocesan Board of Education

Company Limited by Guarantee

Trustees' Annual Report

Trustees' responsibilities statement

The trustees (who are also directors of Leicester Diocesan Board of Education for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Appointment of auditors

The appointment of BHP LLP as auditors to the Board has been agreed at the Annual General Meeting.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

The trustees report was approved by the Board of Trustees on and signed behalf of the board of trustees by: May 20, 2021

Stephen Adshead (May 20, 2021 16:28 GMT+1)

Canon S Adshead, Chairman

11

Company Limited by Guarantee

Independent Auditor's Report

For the year ended 31 August 2020

Leicester Diocesan Board of Education

Independent Auditor’s Report to the Members of Leicester Diocesan Board of Education

Opinion

We have audited the financial statements of Leicester Diocesan Board of Education (the ‘charitable company’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, (including the income and expenditure account) the Statement of Financial Position and notes to the financial statements, including a summary of significant 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:

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. 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.

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

12

Company Limited by Guarantee

Leicester Diocesan Board of Education

Independent Auditor's Report

For the year ended 31 August 2020

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees 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 trustees 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.

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/Our-work/Audit/Audit-and-assurance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (May 20, 2021 16:40 GMT+1)

Jane Marshall (Senior statutory auditor)

For and on behalf of

BHP LLP 2 Rutland Park Sheffield S10 2PD

Date: May 20, 2021

13

Leicester Diocesan Board of Education

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

For the year ended 31 August 2020

Income and endowments
Donations and legacies
Charitable activities
Other trading activities
Investment income
Total income
Expenditure
Expenditure on raising funds:
Cost of other trading activities
Expenditure on charitable activities
Other expenditure
Total expenditure
Net income
Transfers between funds
Net income
Realised loss in year on unlisted
investments
Unrealised gains in the year on:
Unlisted investments
Net movement in funds
Reconciliation of funds
Total funds brought forward
Net movement in funds
Total funds carried forward
6(iii)
18
17
5(iii)
5(iv)
5(i)
5(ii)
Note
6(i)
6(ii)		 Unrestricted
funds
Endowment
funds
Total 2020
Total 2019
£
£
£
£
272,183
-
272,183
201,396
102,223
-
102,223
121,863
-
42,318
42,318
38,987
24,232
34,456
58,688
58,374
398,638
76,774
475,412
420,620
-
36,073
36,073
14,290
179,943
180,606
360,549
330,846
-
-
-
58,835
179,943
216,679
396,622
403,971
218,695
(139,905)
78,790
16,649
(23,314)
23,314
-
-
195,381
(116,591)
78,790
16,649
-
-
-
(212)
23,531
1,333
24,864
87,594
218,912
(115,258)
103,654
104,031
208,285
3,370,015
3,578,300
3,474,269
218,912
(115,258)
103,654
104,031
427,197
3,254,757
3,681,954
3,578,300

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure of the charity are derived from continuing activities.

14

Leicester Diocesan Board of Education

Company Limited by Guarantee

Statement of Financial Position

As at 31st August 2020

Fixed assets
Tangible fixed assets
Property investments
Other investments
Current assets
Debtors
Deposits
Cash at bank
Creditors: amounts falling due
within one year
Creditors
DFC Funds held for schools
Net current assets
Net assets
Funds of the charity
Unrestricted funds
Endowment funds
Total charity funds
11
12
12
13
14
15
17
17
17
Note		 £
£
7,039
760,000
1,814,664
2,581,703
1,002,279
207,457
236,504
1,446,240
266,752
79,237
345,989
1,100,251
3,681,954
427,197
3,254,757
3,681,954
2020		 £
£
27,050
760,000
1,789,800
2,576,850
1,087,725
166,252
65,945
1,319,922
191,598
126,874
318,472
1,001,450
3,578,300
208,285
3,370,015
3,578,300
2019		 £
£
27,050
760,000
1,789,800
2,576,850
1,087,725
166,252
65,945
1,319,922
191,598
126,874
318,472
1,001,450
3,578,300
208,285
3,370,015
3,578,300
2019
3,578,300
208,285
3,370,015
3,578,300

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the board of Trustees and authorised for issue on and were signed on its May 20, 2021 behalf of the board by:

Stephen Adshead (May 20, 2021 16:28 GMT+1)

Canon S Adshead Chairman

15

Company Limited by Guarantee

Notes to the Report and Financial Statement

For the year ended 31 August 2020

Leicester Diocesan Board of Education

1 General Information

The Charitable Company is a public benefit entity and a private company limited by guarantee without share capital, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is St Martins House, 7 Peacock Lane, Leicester, LE1 5PZ.

The principal activity of the charity is to promote lifelong learning throughout the Diocese, effect being given to the belief that all true education must be based on Christian principles, and the promotion and stimulation of religious education according to the doctrines of the Church of England.

2 Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. 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 (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

3 Accounting policies

The principal accounting policies are as follows:

3.1 Basis of preparation

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include the revaluation of investment properties and fixed asset investments which are measured at their market value through income or expenditure.

The financial statements are presented in GBP £ sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

3.2 Going concern policy

The trustees regularly assess whether the use of going concern is appropriate, i.e. whether there are any 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 charity made an unrestricted surplus for the year of £218,912 and at the year end had free reserves of £420,158.

The Board have considered the continuing impact of COVID-19 on the charitable company’s income and operating cost base. They have prepared forecasts of income and expenditure for the period to 31 August 2022 which shows that they have sufficient reserves and cash to be able to continue for the foreseeable future.

The Board have concluded therefore that the entity remains a going concern and continue to adopt the going concern basis of preparation for these financial statements.

3.3 Group Accounts policy

The Charitable Company are members of 10 acadamies (single and multiple academy trusts), the Diocese of Leicester Educational Trust and the company, Diocese of Leicester Educational Services Limited.

The Board's policy is for non-consolidation of either of the academies, trust or company into the Board accounts as it can demonstrate that no parent / subsidiary relationship exists.

The Diocese of Leicester Educational Services Limited is a dormant company.

The policy is reviewed annually to ensure compliance with the national guidance and any developments in the relationship between the Board and the Trusts.

16

Company Limited by Guarantee

For the year ended 31 August 2020

Leicester Diocesan Board of Education

Notes to the Report and Financial Statement

3.4 Cash flow statement

The trustees have taken advantage of the exemption in FRS 102 and SORP 2019 from including a cash flow statement in the financial statements on the grounds that the charity qualifies as a small charity under the standard.

3.5 Fund accounting

Fund balances are split between unrestricted and endowment (restricted) funds:

Further details of these funds are given in note17.

3.6 Income

All incoming resources are included in the Statement of Financial Activities when the charity it legally entitled to the income, the amount can be measured reliably, and it is probable that the income will be received.

All monetary donations and gifts are included in full in the statement of financial activities when receivable, provided there are no donorimposed restrictions as to the timing of any related expenditure, in which case recognition is deferred until the pre-condition is met.

Revenue grants included in donations and legacies are credited as income when they are receivable provided conditions for receipt have been complied with, unless they relate to a specified future period, in which case they are deferred.

3.7 Expenditure

All expenditure is included in the financial statements on an accruals basis. Expenditure includes any VAT which cannot be fully recovered and is classified under headings of the statement of Financial Activities to which it relates:

Expenditure is allocated to those cost categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity.

Support costs are apportioned between the activities on a reasonable and consistent basis based upon the time spent by staff undertaking the activities.

Grants payable

Grants to schools are accrued for as expenditure when the recipient is notified of the grant.

3.8 Tangible fixed assets and depreciation

Fixed assets (excluding investments) are stated at cost less accumulated depreciation.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight line basis over their expected useful life, as follows:

Office equipment 10 years Computer equipment 3 years

3.9 Property investments

Property investments are held at open market value based upon external property valuations. The last valuation was performed by Andrew Granger & Co Ltd as at 31 August 2018.

17

Company Limited by Guarantee

For the year ended 31 August 2020

Leicester Diocesan Board of Education

Notes to the Report and Financial Statement

3 Accounting policies (continuing)

3.10 Investments

Investments are shown at market value at the date of the statement of financial position and any gain or loss taken to the Statement of Financial Activities. Investments held by the Board as custodian trustee are not included in these financial statements.

Realised gains or losses on investments are recognised when investments are sold. Unrealised gains or losses are accounted for on the revaluation of investments.

Investments and their gains and losses are allocated to funds based upon the nature of the investment source.

3.11 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

3.12 Cash at Bank and Deposits

Cash at bank and deposits includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3.13 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3.14 Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

3.15 Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described above, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Management do not deem there to be any key sources of estimation uncertainty. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Investment properties

The critical judgement that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements is the valuation of the investment properties. These are valued by the trustees using guidance from an independent professional valuer. Investment properties are measured at each year end at their open market value.

18

Company Limited by Guarantee

Notes to the Report and Financial Statement

For the year ended 31 August 2020

Leicester Diocesan Board of Education

4 Pension costs

Four employees of the Board participated in pension schemes administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Board and the other participating employers. This is the Church Workers Pension Fund. 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.

These schemes are multi-employer last man standing defined benefit pension schemes for which the Board is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the scheme.

Church Workers Pension Fund – Pension Builder Scheme

The Board participates in the Pension Builder Scheme section of the Church Workers Pension Fund for lay staff. The scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the employer and the other participating employers.

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. Bonuses may also be declared, 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 subdivision of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme, this means it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the scheme were a defined contribution scheme. The pension costs charged to the SoFA in the year represent contributions payable.

The most recent scheme valuation completed was carried out as at 31 December 2019. This revealed, on the ongoing assumptions used, an overall deficit of £10.6m. The scheme's actuaries have proposed that the deficit is to be eliminated within 7 years without the need for additional contributions from the employers involved in the scheme. There is therefore no requirement for deficit payments at the current time.

The Board contributes 10% of basic salary. There is no minimum contribution for employees. The pension costs for the period of £9,161 (2019: £7,100) are equal to the contributions paid by the Board and there were no contributions outstanding at the period end.

19

Company Limited by Guarantee

Notes to the Report and Financial Statement

For the year ended 31 August 2020

Leicester Diocesan Board of Education

4 Pension costs (continuing)

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014.

The Diocesan Director of Education is the only member of the TPS.

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 (amended) published by HM Treasury. 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 latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 (amended). The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

• total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million

The TPS valuation for 2019 determined an employer rate of 23.68%, which was payable from September 2019 (this includes the administration levy of 0.08%).

The employer's pension costs paid to TPS in the year amounted to £12,604 (2019: £12,098).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website.

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

20

Leicester Diocesan Board of Education

Company Limited by Guarantee

Notes to the Report and Financial Statement

For the year ended 31 August 2020

5 Incoming and endowments

(i) Donations and legacies

Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
Donations received
72,116
-
72,116
Grant from Leicester DBF
200,067
-
200,067
272,183
-
272,183
(ii) Charitable activities
Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
Admission appeal costs
1,435
-
1,435
66,827
-
66,827
Other income
33,961
-
33,961
102,223
-
102,223
Partnership Agreement & Courses
In 2019, £201,396 of donations were allocated to the general fund.		 Total 2019
£
-
201,396
201,396
Total 2019
£
7,078
48,680
66,105
121,863

In 2019, charitable activities income totalled £121,863 - £59,670 was allocated to the general fund and £62,193 was allocated to the endowment fund.

(iii) Other trading activities

Rents received Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
- 42,318 42,318
- 42,318
42,318		 Total 2019
£
38,897
38,897

In 2019: £38,987 of rents received were allocated to the endowment fund.

(iv) Investment income

Other interest
Investment income
Deposit interest		 Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
421
-
421
23,713
33,236
56,949
98
1,220
1,318
24,232
34,456
58,688		 Total 2019
£
632
56,367
1,375
58,374

In 2019, investment income totalled £58,374, of which £18,641 was allocated to the general fund and £39,733 was allocated to the endowment fund.

21

Leicester Diocesan Board of Education

Company Limited by Guarantee

Notes to the Report and Financial Statement

For the year ended 31 August 2020

6 Resources expended

(i) Cost of other trading activities

Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
Rent costs
-
3,642
3,642
Baxter Hall costs
-
7,830
7,830
Course & event expenditure
-
24,601
24,601
-
36,073
36,073
(ii) Expenditure on charitable activities
Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
50,671
-
50,671
Governance costs (see iv)
6,328
17,317
23,645
Support costs (see v)
122,944
163,289
286,233
179,943
180,606
360,549
Advice to and work with schools
In 2019, costs of other trading activities totalled £14,290 and were allocated to the endowment fund.		 Total 2019
£
2,861
9,256
2,173
14,290
Total 2019
£
202,231
23,609
105,006
330,846

In 2019, costs totalled £330,846 - £158,483 allocated to the general fund and £172,363 allocated to the endowment fund.

(iii) Other expenditure

Amounts due from Diocese of Leicester
Educational Trust Limited written off		 Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
-
-
-
-
-
-		 Total 2019
£
58,835
58,835

In addition, there are grants made to School Governors of aided schools in respect of repairs and improvements. These amounts are fully recoverable from the DfE, School Governors and other third parties. In 2020, these grants and recoveries amounted to £377,946 (2019: £550,766).

(iv) Governance

Audit fee
Other statutory costs
Governance support costs		 Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
2,318
6,953
9,271
555
-
555
3,455
10,364
13,819
6,328
17,317
23,645		 Total 2019
£
8,000
1,723
13,886
23,609

In 2019, costs totalled £23,609 and were allocated to the general fund.

(v) Support costs

Staff costs
Office costs
Travel costs
Legal & Professional
Depreciation		 Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
110,681
98,581
209,262
5,931
31,554
37,485
1,329
4,653
5,982
-
13,493
13,493
5,003
15,008
20,011
122,944
163,289
286,233		 Total 2019
£
86,098
3,718
1,249
4,861
9,080
105,006

In 2019, Support costs totalling £36,378 and were allocated to the general fund - £68,628 were allocated to endowment funds.

22

Company Limited by Guarantee

Notes to the Report and Financial Statement

For the year ended 31 August 2020

Leicester Diocesan Board of Education

7 Expenditure on charitable activities by activity type

Charitable expenditure
Cost of other trading activities
Governance costs
Other costs
Total - 2020
Total - 2019		 Activities
undertaken
directly
Support costs
Total 2020
£
£
£
50,671
286,233
336,904
36,073
-
36,073
9,826
13,819
23,645
-
-
-
96,570
300,052
396,622
226,244
177,727
403,971		 Total 2019
£
307,237
14,290
23,609
58,835
403,971

8 Net income

Net income is stated after charging or crediting:

Total 2020 Total 2019
£ £
Depreciation of tangible fixed
assets		 7,322 9,080
Fees payable for the audit of the
financial statements		 9,271 8,000

9 Staff numbers and costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

Wages and salaries
Social security costs
Pension costs
Administration and support
Average number employed		 Total 2020
£
169,754
17,742
21,766
209,262
Number
5		 Total 2019
£
146,088
15,208
19,198
180,494
Number
5

During the year there was one employee whose emoluments amounted to more than £70,000 but less than £80,000 (excluding pension contribution) (2019: one). Pension payments of £12,604 were made for this employee (2019: £12,098). No other employees earned £60,000 or more in the current or preceding period.

Key management personnel

Key management personnel are deemed to be those having authority and responsibility, delegated to them by the trustees, for planning, directing and controlling the activities of the Charitable Company. During 2020 this was the Diocesan Director of Education and Secretary of the Board, Carolyn Lewis. During the year, remuneration (including Employers National Insurance and pension) amounting to £100,064 was paid (2019: £94,396).

10 Board trustee members' emoluments and expenses

None of the Board members received any emoluments from the Board for services performed as trustees (2019: none). Board members do receive the reimbursement of travelling and out of pocket expenses.

23

Leicester Diocesan Board of Education

Company Limited by Guarantee

Notes to the Report and Financial Statement

For the year ended 31 August 2020

11 Tangible fixed assets

Cost or valuation
Disposals
At 31 August 2020
Depreciation
At 1 September 2019
Charge for the year
Eliminated on disposal
At 31 August 2020
12
Cost or valuation
At 31 August 2020
Net book value at 31 August 2019
Revaluation adjustment
At 1 September 2019
Additions at cost
Net book value at 31 August 2020
Fixed asset investments
Historical cost (unlisted investments only)
At 1 September 2019
Additions at cost
Disposals		 Office equipment
Computer
equipment
Total 2020
£
£
£
27,836
18,887
46,723
-
-
-
(16,199)
(12,400)
(28,599)
11,637
6,487
18,124
6,032
13,641
19,673
2,094
5,228
7,322
(3,510)
(12,400)
(15,910)
4,616
6,469
11,085
7,021
18
7,039
21,804
5,246
27,050
Investment
properties
Unlisted
investments
Total 2020
£
£
£
760,000
1,789,800
2,549,800
-
-
-
-
-
-
-
24,864
24,864
760,000
1,814,664
2,574,664
697,000
697,000

Investment properties do not have any historical cost as the Board received legacies and gifts. The difference between historical cost and market value is included within the relevant funds.

The investment properties were valued as at 31 August 2018 by the Board's land agents, Andrew Granger & Co Ltd, Chartered Surveyors. The basis of valuation was on an open market basis based on existing use and prevailing permissions. The Board undertakes valuations every 3 years. The Directors are of the opinion that the market value of the investment properties as included in the accounts at 31st August 2020 remains appropriate.

The Leicester Diocesan Board of Education acts as a custodian of two properties on behalf of The Saint Nicholas House Educational Foundation. These properties have not been recognised in the accounts of Leicester Diocesan Board of Education as it does not have beneficial interest. The valuation of these properties is £700,000.

All the unlisted investments of the Board are in CBF Church of England Common Investment Funds managed by CCLA Investment Management Limited & Savills Investment Management.

Total investments
CBF Investment Fund
CBF Property Fund		 Total 2020
£
1,394,468
420,196
1,814,664		 Total 2019
£
1,344,146
445,654
1,789,800

24

Leicester Diocesan Board of Education

Company Limited by Guarantee

Notes to the Report and Financial Statement

For the year ended 31 August 2020

13 Debtors

Debtors
In respect of Schools' Building Works
Other debtors
Amounts due from related parties
Prepayments and accrued income		 Total 2020
£
-
22,248
959,313
20,718
1,002,279		 Total 2019
£
145,313
62,778
862,000
17,634
1,087,725

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Schools' Building works and other creditors
VAT
Accruals and deferred income		 Total 2020
£
252,112
(8)
14,648
266,752		 Total 2019
£
160,385
9,933
21,280
191,598

Included in the above is £2,660 in relation to deferred rental income (2019: £5,238).

15 Schools' DFC funds

With effect from 1 April 2006 the DfE paid over to schools the funds available for 2006/07 plus any unspent funds from prior years, which could be used for the 90% cost of building works, previously reimbursed by the DfE.

The Voluntary Aided Schools agreed that the Board should hold these funds and meet any 90% contributions from them. The value of the funds at 31 August 2020 was £79,237 (2019: £126,874).

Each school's unspent amount of the total is identifiable.

16 Related party transactions

The Board is related to Leicester Diocesan Board of Finance, Diocese of Leicester Educational Trust and Diocese of Leicester Educational Services Ltd.

At the end of the period the following amounts, were receivable or (payable) by the Board in respect of related parties:

Total 2020 Total 2019
£ £
Leicester Diocesan Board of Finance in respect of grants receivable, loans and 959,313 866,813
contribution to costs

In the year to August 2019, Other Expenditure of £58,835 was included in the Statement of Financial Activities. This related to the amount due from the Diocesan of Leicester Educational Trust which was not deemed recoverable and was provided for in that year. There is no equivalent in the year to August 2020.

The Board was charged £108,819 (2019: £111,258) by the Leicester Diocesan Board of Finance in the period for salaries, office room hire and related services.

Income and expenditure in the period which passed through the Board, but which relates to related companies, can be summarised as follows:

follows:
2020 2019
Income Expenditure Income Expenditure
£ £ £ £
Diocese of Leicester Board of Finance 24,801 108,820 52,215 111,258
Diocese of Leicester Educational Trust - - - 400

25

Company Limited by Guarantee

Notes to the Report and Financial Statement

Leicester Diocesan Board of Education

For the year ended 31 August 2020

17 Analysis of charitable funds

Unrestricted funds
General fund
Total unrestricted funds
Endowment funds
s554 Income Fund
s554 Capital Fund
Baxter Hall Fund
Other foundations
Total endowment funds
Total funds		 Balance at
01/09/19
Income
Expenditure
Transfers Other recognised
gains and losses
Balance at
31/08/20
£
£
£
£
£
£
208,285
398,638
(179,943)
(23,314)
23,531
427,197
208,285
398,638
(179,943)
(23,314)
23,531
427,197
122,937
62,599
(208,850)
23,314
-
-
2,956,912
-
-
(118,643)
-
2,838,269
181,157
13,029
(7,829)
118,643
-
305,000
109,009
1,146
-
1,333
111,488
3,370,015
76,774
(216,679)
23,314
1,333
3,254,757
3,578,300
475,412
(396,622)
-
24,864
3,681,954

The transfer between funds of £118,644 is made to reflect the full value of Baxter Hall in the Baxter Hall Fund at the year end. In prior years the carrying value of Baxter Hall had been split between the s554 Capital Fund and the Baxter Hall Fund. The transfer of £23,314 between the s554 Income Fund and the General Fund is a permitted reallocation of excess expenditure in the s554 Income Fund.

Revaluation Reserve

Included in the fund balances above is a revaluation reserve of £1,877,664 (investment property £760,000 and investments £1,117,664). As at 31 August 2020, the revaluation reserve is allocated as follows, general fund £370,040, Baxter Hall £300,000, s554 capital fund £1,173,475 and other foundations £34,149.

Unrestricted funds
General fund
Total unrestricted funds
Endowment funds
s554 Income Fund
s554 Capital Fund
Baxter Hall Fund
Other foundations
Total endowment funds
Total funds		 Balance at
01/09/18
Income
Expenditure
Transfers Other recognised
gains and losses
Balance at
31/08/19
£
£
£
£
£
£
(22,428)
279,707
(158,483)
26,578
82,911
208,285
(22,428)
279,707
(158,483)
26,578
82,911
208,285
262,293
123,366
(236,232)
(26,490)
-
122,937
2,954,878
-
-
-
2,034
2,956,912
174,389
16,024
(9,256)
-
-
181,157
105,137
1,523
-
(88)
2,437
109,009
3,496,697
140,913
(245,488)
(26,578)
4,471
3,370,015
3,474,269
420,620
(403,971)
-
87,382
3,578,300

Revaluation Reserve

Included in the fund balances above is a revaluation reserve of £1,852,800 (investment property £760,000 and investments £1,092,800). As at 31 August 2020, the revaluation reserve is allocated as follows, general fund £346,509, Baxter Hall £300,000, s554 capital fund £1,173,475 and other foundations £32,816.

26

For the year ended 31 August 2020

Leicester Diocesan Board of Education

Company Limited by Guarantee

Notes to the Report and Financial Statement

17 Analysis of charitable funds (continued)

Endowment funds

s554 Income and Capital funds

These principally represent funds and income held under trusts arising from the sale of redundant educational properties. The Board as trustees may, after payment of any expenses incurred in connection with the administration of the trusts, apply the capital and income of the relevant trust assets for any of the following purposes:

The income arising from these trusts may additionally be used, after payment of any expenses incurred in connection with the administration of the trust, for any of the following purposes:

The Baxter Hall fund

This represents the book value of the Baxter Hall property as revalued from time to time.

Other Foundations
Gilmorton, Edward Chandler
Leicester, G A Robinson
Stoke Golding
Rev Towers Earl Shilton
Hathern Old School House		 Total 2020
£
3,535
10,314
394
37,292
59,953
111,488		 Total 2019
£
3,323
9,643
394
35,696
59,953
109,009

During any year the Board can become aware of redundant schools and/or schoolhouses of which it has no record. When this occurs, the Board acts under current legislation to acquire the asset for its work. The Board has no means of identifying such cases in advance.

27

For the year ended 31 August 2020

Leicester Diocesan Board of Education

Company Limited by Guarantee

Notes to the Report and Financial Statement

18 Analysis of transfers between funds

Overheads are apportioned based upon the allocation of staff time and is split between general and endowment fund. Transfers between funds and the reasons behind them are disclosed in Note 17.

19 Net assets by fund

Fixed assets
Tangible fixed assets
Property investments
Other investments
Current assets
Debtors
Deposits
Cash at bank
Creditors
Creditors
DFC Funds
Net assets
Fixed assets
Tangible fixed assets
Property investments
Other investments
Current assets
Debtors
Deposits
Cash at bank
Creditors
Creditors
DFC Funds
Net assets		 Unrestricted
funds
Endowment
funds
Total 2020
£
£
£
7,039
-
7,039
-
760,000
760,000
247,789
1,566,875
1,814,664
980,029
22,250
1,002,279
24,903
182,554
207,457
(817,921)
1,054,425
236,504
(14,642)
(252,110)
(266,752)
(79,237)
(79,237)
427,197
3,254,757
3,681,954
Unrestricted
funds
Endowment
funds
Total 2019
£
£
£
27,050
-
27,050
-
760,000
760,000
238,847
1,550,953
1,789,800
-
1,087,725
1,087,725
17,485
148,767
166,252
(65,164)
131,109
65,945
(9,933)
(181,665)
(191,598)
-
(126,874)
(126,874)
208,285
3,370,015
3,578,300

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