OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Leicester Diocesan Board Of Education

2024-08-30-accounts

REGISTERED COMPANY NUMBER: 08432843 (England and Wales) REGISTERED CHARITY NUMBER: 1151692

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

LEICESTER DIOCESAN BOARD OF EDUCATION (A COMPANY LIMITED BY GUARANTEE)

LEICESTER DIOCESAN BOARD OF EDUCATION

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 August 2024

Page
Reference and Administrative Details 1 to 2
Report of the Trustees 3 to 11
Report of the Independent Auditors 12 to 15
Statement of Financial Activities 16
Balance Sheet 17
Notes to the Financial Statements 18 to 31
Detailed Statement of Financial Activities 32 to 33

LEICESTER DIOCESAN BOARD OF EDUCATION

REFERENCE AND ADMINISTRATIVE DETAILS For The Year Ended 31 August 2024

CHAIR Mr R M Andrews

DIOCESAN DIRECTOR OF EDUCATION Canon C Shoyer AND SECRETARY TO THE BOARD TREASURER Mr R M Andrews EX OFFICIO Rt Revd M Snow (Bishop of Leicester) Ven R Worsfold (Archdeacon of Leicester) Ven C Wood (Archdeacon of Leicester) ELECTED BY DIOCESAN SYNOD Revd Canon P O'Reilly Ms M Green (resigned 15.10.24) Mr D Jones Revd D Cowie (resigned 8.1.25) Revd J Hargreaves Ms C L Bampton (resigned 14.9.23) Revd E Wilson Revd A Hall (resigned 8.1.25) Rev P Watson Ms T Jackson (appointed 8.1.25) Revd Canon E L Davies Mr L Blaylock (appointed 12.12.23) Dr C T Spencer Ms N O Boyce (appointed 12.12.23) Ms E C Wayne-Hawker Ms A Leadbeater CO-OPTED BY THE BOARD Mr N J Bardsley Ms S Batstone Ms L J Hardy (appointed 8.1.25) Ms F Brooks (appointed 8.1.25) Ms J Stillwell (resigned 7.4.24) BISHOP’S NOMINEES Mr R M Andrews Mrs S H Holder (appointed 8.1.25) Canon S Adshead (resigned 8.1.25) Ms M V Wang (resigned 31.8.24) REGISTERED OFFICE St Martins House 7 Peacock Lane Leicester Leicestershire LE1 5PZ REGISTERED COMPANY NUMBER 08432843 (England and Wales) REGISTERED CHARITY NUMBER 1151692 AUDITORS TC Group 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ

Page 1

LEICESTER DIOCESAN BOARD OF EDUCATION

REFERENCE AND ADMINISTRATIVE DETAILS For The Year Ended 31 August 2024

SOLICITORS

BANKERS

Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR Barclays Bank plc Dominus Way Meridian Business Park Leicester LE19 1RP

Page 2

LEICESTER DIOCESAN BOARD OF EDUCATION

REPORT OF THE TRUSTEES

For The Year Ended 31 August 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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) (effective 1 January 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. As the school systems evolves, 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.

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.

Page 3

LEICESTER DIOCESAN BOARD OF EDUCATION

REPORT OF THE TRUSTEES

For The Year Ended 31 August 2024

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.

Page 4

LEICESTER DIOCESAN BOARD OF EDUCATION

REPORT OF THE TRUSTEES

For The Year Ended 31 August 2024

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Board's objectives are the same as its statutory functions determined by the Diocesan Boards of Education Measure 2021 ("the measure"). They Diocesan Board of Education must:

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.

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. 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.

Page 5

LEICESTER DIOCESAN BOARD OF EDUCATION

REPORT OF THE TRUSTEES

For The Year Ended 31 August 2024

OBJECTIVES AND ACTIVITIES

Achievements and performance

The Board develops a 3-year strategic plan which includes aspirational success indicators. Progress towards these is routinely monitored by the Board. 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:

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.

Grant making

During the period the Board made available capital 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 7 of these financial statements.

STRATEGIC REPORT

Achievement and performance

Fundraising

The charitable company does not carry out significant fundraising activities.

Page 6

LEICESTER DIOCESAN BOARD OF EDUCATION

REPORT OF THE TRUSTEES

For The Year Ended 31 August 2024

STRATEGIC REPORT Financial review

Financial position

In financial terms during 2023-24 the Board planned to:

In the year the Board:

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.

Principal funding sources

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

Investment policy and objectives

The investments of the Board are represented by:

The movements in the Board's investments are shown at notes 11 and 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.

Reserves policy

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 the notes to the financial statements. As at 31 August 2024 the total funds are £4,161,317 (2023: £3,755,086) as shown in the balance sheet.

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 2024, the minimum amount required under this policy totalled £93,000 (2023: £93,000).

Actual free reserves in general and endowment funds totalled £3,739,749 (2023: £3,047,142). Free reserves in unrestricted funds were positive by £495,009 (3: positive £391,962).

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

Page 7

LEICESTER DIOCESAN BOARD OF EDUCATION

REPORT OF THE TRUSTEES

For The Year Ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure, governance and management

The Diocesan Board of Education is constituted in line with the Diocesan Boards of Education Measure 2021 and its Articles of Association.

Recruitment and appointment of new trustees

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.

Organisational structure and decision making

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 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 2024:

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. The committee also monitors and manages 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 effectiveness, distinctiveness and inclusivity. Also, to provide support and training services to schools, governors, clergy 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, Multi-Academy Trusts and the Department for Education. The committee oversees the appointment of Foundation Governors and reviews the outcomes of denominational and Ofsted inspections. 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.

Induction and training of new trustees

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. Trustees receive training.

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.

Page 8

LEICESTER DIOCESAN BOARD OF EDUCATION

REPORT OF THE TRUSTEES

For The Year Ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Key management remuneration

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 2024 this was the Diocesan Director of Education and Secretary of the Board.

During the year, remuneration (including Employers National Insurance and pension) amounting to £133,576 was paid (2023: £125,230).

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 in the notes 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:

- All Schools and Trusts: Governance .

Failure to understand roles and responsibilities. This represents a reputational risk of failure, including financial and educational.

- All Schools and Trusts: Provision .

Failure to maintain good & outstanding provision, leading to reputational risks for the DBE; difficulty in finding suitable sponsor for school in an Ofsted category.

- DBE: Funding .

DBE unable to finance staffing levels required to meet charitable objects / strategic aims. Income from investments and from DBF grant at risk due to wider financial constraints.

- DBE: Staffing capacity for Statutory Functions .

DBE does not have sufficient capacity to undertake core statutory functions through loss or personnel or government legislation.

- DBE: Staffing Capacity .

Major Incident. DBE does not have sufficient capacity to respond to a major incident, which impacts on the charity.

- DBE: Staffing Capacity .

Land and capacity. Officer time required to manage land and property reduces capacity for core role.

- Schools Partnership.

Schools not firmly engaged in partnership with the DBE resulting in a lack of engagement at critical times, e.g. HT recruitment, financial and school improvement challenges.

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.

Page 9

LEICESTER DIOCESAN BOARD OF EDUCATION

REPORT OF THE TRUSTEES For The Year Ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Modern Slavery Statement

The Board and the Charitable Foundations for which we are Trustees, 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 are not taking place within our organisation or our supply chains.

Safeguarding

The Board aspires for the lives of children and young people to be transformed through their experiences of a Church School education. Children should leave a Church school with confidence and a strong sense of self-worth.

Safeguarding is taken very seriously by the Board. The Church of England's Safeguarding policy has been adopted by the Board. All trustees complete school or church-based safeguarding training.

All diocesan schools are expected to maintain the highest standards in safeguarding policy and practice. All diocesan schools regardless of their status (VC, VA, Academy) come under the statutory oversight of their Local Authority (LA). LAs maintain statutory responsibility for ensuring the protection of the children within their area.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the 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 £87,349 (2023: £89,234) and relate to the following organisations:

St Nicholas House Education Foundation
Hugglescote RE Fund
Walcote RE Fund
Hoby School Fund
Syston Junior RE Fund
Syston Infant RE Fund
Stony Stanton Junior School RE Fund
Syston Junior RE Fund (Shares)		 2024
£
-
11,672
27,726
10,000
3,562
25,997
947
7,445
87,349		 2023
£
-
15,378
26,333
10,000
3,179
24,691
1,749
7,445
89,234

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

Page 10

LEICESTER DIOCESAN BOARD OF EDUCATION

REPORT OF THE TRUSTEES

For The Year Ended 31 August 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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:

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

..........................................................................

Mr R M Andrews - Trustee

Page 11

REPORT OF THE INDEPENDENT AUDITORS 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 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (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 Auditors' 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 trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 this gives rise to 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:

Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LEICESTER DIOCESAN BOARD OF EDUCATION

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 Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LEICESTER DIOCESAN BOARD OF EDUCATION

Our 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 a Report of the Independent Auditors 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the charitable company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the charitable company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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 Report of the Auditors.

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 Report of the Independent Auditors.

Page 14

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LEICESTER DIOCESAN BOARD OF EDUCATION

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 auditors' 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.

Dilun Mistry FCA (Senior Statutory Auditor) for and on behalf of TC Group 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ Date: .............................................

Page 15

LEICESTER DIOCESAN BOARD OF EDUCATION

STATEMENT OF FINANCIAL ACTIVITIES

For The Year Ended 31 August 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
6
Admission appeal costs
Other income
Partnership agreement & courses
Other trading activities
4
Investment income
5
Total
EXPENDITURE ON
Charitable activities
7
Advice to and work with schools
Governance costs
Support costs
Other
Total
NET INCOME
Transfers between funds
19
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
235,726
10,050
7,233
72,289
24,839
24,849
374,986
138,568
3,623
64,531
149
206,871
168,115
(94,662)
26,650
100,103
394,906
495,009		 Endowment
fund
£
144,020
-
-
-
-
117,908
261,928
-
10,868
194,041
-
204,909
57,019
94,662
154,447
306,128
3,360,180
3,666,308		 2024
Total
funds
£
379,746
10,050
7,233
72,289
24,839
142,757
636,914
138,568
14,491
258,572
149
411,780
225,134
-
181,097
406,231
3,755,086
4,161,317		 2023
Total
funds
£
176,590
10,570
11,896
61,684
24,732
127,994
413,466
109,053
19,356
280,829
-
409,238
4,228
-
(137,516)
(133,288)
3,888,374
3,755,086

The notes form part of these financial statements

Page 16

LEICESTER DIOCESAN BOARD OF EDUCATION

BALANCE SHEET 31 August 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 13 1,263 2,944
Investments
Investments 14 3,191,758 3,011,607
Investment property 15 705,000 705,000
3,898,021 3,719,551
CURRENT ASSETS
Debtors 16 92,392 68,673
Cash in hand 1,010,785 680,736
1,103,177 749,409
CREDITORS
Amounts falling due within one year 17 (839,881) (713,874)
NET CURRENT ASSETS 263,296 35,535
TOTAL ASSETS LESS CURRENT LIABILITIES 4,161,317 3,755,086
NET ASSETS 4,161,317 3,755,086
FUNDS 19
Unrestricted funds 495,010 394,906
Endowment funds 3,666,307 3,360,180
TOTAL FUNDS 4,161,317 3,755,086

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Mr R M Andrews - Trustee

The notes form part of these financial statements

Page 17

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 31 August 2024

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.

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), 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

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 Board have considered the charitable company's income and operating cost base. They have prepared forecasts of income and expenditure for the period to 31 August 2025, 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.

Group accounts policy

The Charitable Company are members of 10 academies (single and multiple academy trusts) and the Diocese of Leicester Educational Trust.

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.

continued...

Page 18

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Group accounts policy

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

Income

All incoming resources are included in the Statement of Financial Activities when the charity is 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 donor- imposed 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.

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 specific nominals.

Grants payable

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

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.

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.

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.

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.

continued...

Page 19

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Cash at bank and deposits

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.

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.

Property investments

Property investments are held at open market value based upon external property valuations. Their valuations are derived from the most recent valuation, performed by Andrew Granger & Co Ltd as at 31 August 2021, with the exception of the land at Plungar which was valued as at 31 August 2022 based on the post balance sheet sale value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - Straight line over 7 years Computer equipment - Straight line over 3 years

Fund accounting

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

Further details of these funds are given in note 19.

continued...

Page 20

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 August 2024

3. DONATIONS AND LEGACIES

Donations
Grant from Leicester DBF
Recharge to Derby DBE
4.
OTHER TRADING ACTIVITIES
Rents received
5.
INVESTMENT INCOME
Investment income
Deposit account interest
6.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Admission appeal costs
Admission appeal costs
Other income
Other income
Partnership agreement &
course
Partnership agreement & courses
7.
CHARITABLE ACTIVITIES COSTS
Advice to and work with schools
Support costs		 2024
£
144,020
170,489
65,237
379,746
2024
£
24,839
2024
£
139,330
3,427
142,757
2024
£
10,050
7,233
72,289
89,572
Support
Direct
costs (see
Costs
note 8)
£
£
138,568
-
-
273,056
138,568
273,056		 2023
£
650
113,522
62,418
176,590
2023
£
24,732
2023
£
124,540
3,454
127,994
2023
£
10,570
11,896
61,684
84,150
Totals
£
138,568
273,056
411,624

continued...

Page 21

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

8. SUPPORT COSTS

Management
£
Other resources expended
156
Support costs
258,416
258,572		 Governance
Other
costs
£
£
-
-
149
14,491
149
14,491		 Totals
£
156
273,056
273,212

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets
Deficit on disposal of fixed assets		 2024
£
10,500
2,155
39		 2023
£
9,625
2,793
-

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.

11. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2024
£
180,033
14,836
40,400
235,269		 2023
£
199,060
15,327
38,205
252,592

The average monthly number of employees during the year was as follows:

Administration and support 2024
4		 2023
3
The number of employees whose employee benefits (excluding employer pension costs) exceeded The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2024 2023
£90,001 - £100,000 1 1

Pension payments of £26,742 were made for the highest paid employee (2023: £21,786).

continued...

Page 22

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 August 2024

11. STAFF COSTS - continued

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 2024 this was the Diocesan Director of Education and Secretary of the Board.

During the year, remuneration (including Employers National Insurance and pension) amounting to £133,576 was paid (2023: £125,230).

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Admission appeal costs
Other income
Partnership agreement & courses
Other trading activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Advice to and work with schools
Governance costs
Support costs
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
176,590
10,570
11,896
61,684
24,732
32,786
318,258
109,053
4,839
70,208
184,100
134,158
(129,929)
(14,930)
(10,701)
405,607
394,906		 Endowment
fund
£
-
-
-
-
-
95,208
95,208
-
14,517
210,621
225,138
(129,930)
129,929
(122,586)
(122,587)
3,482,767
3,360,180		 Total
funds
£
176,590
10,570
11,896
61,684
24,732
127,994
413,466
109,053
19,356
280,829
409,238
4,228
-
(137,516)
(133,288)
3,888,374
3,755,086

continued...

Page 23

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

13. TANGIBLE FIXED ASSETS

COST
At 1 September 2023
Additions
Disposals
At 31 August 2024
DEPRECIATION
At 1 September 2023
Charge for year
Eliminated on disposal
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023
FIXED ASSET INVESTMENTS
Cost or valuation
At 1 September 2022
Additions at cost
Disposals
Revaluation adjustment
At 31 August 2023
Historical cost (unlisted investments only)		 Fixtures
and
fittings
£
13,735
-
(1,200)
12,535
10,791
2,106
(1,162)
11,735
800
2,944
Investment
properties
£
705,000
-
-
-
705,000		 Computer
equipment
Totals
£
£
2,060
15,795
512
512

(1,250)
(2,450)
1,322
13,857
2,060
12,851
49
2,155

(1,250)
(2,412)
859
12,594
463
1,263
-
2,944
Unlisted
investments
Total
£
£
3,011,607
3,716,607
13,513
-
(13,422)
(13,422)
180,059
193,572
3,191,757
3,896,757
2024
2023
1,873,859
1,887,281

14. FIXED ASSET INVESTMENTS

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 2021 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 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.

continued...

Page 24

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

14. FIXED ASSET INVESTMENTS - continued

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

CBF Investment Fund
Savills Property Fund
15.
INVESTMENT PROPERTY
FAIR VALUE
At 1 September 2023
and 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023
Fair value at 31 August 2024 is represented by:
Valuation in 2021
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
VAT
Prepayments and accrued income		 2024
£
2,785,153
406,604
3,191,757
2024
£
21,303
6,517
64,572
92,392		 2023
£
2,580,856
430,751
3,011,607
£
705,000
705,000
705,000
£
705,000
2023
£
30,335
-
38,338
68,673		 2023
£
2,580,856
430,751
3,011,607
£
705,000
705,000
705,000
£
705,000
2023
£
30,335
-
38,338
68,673

continued...

Page 25

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
VAT
Other creditors
DFC funds
Accruals and deferred income		 2024
£
326,943
7,808
-
346,402
146,469
12,259
839,881		 2023
£
45,938
10,809
186
502,451
134,809
19,681
713,874

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
fund
£
1,263
536,578
1,103,177
(1,146,008)
495,010		 Endowment
fund
£
-
3,360,180
-
306,127
3,666,307		 2024
Total
funds
£
1,263
3,896,758
1,103,177
(839,881)
4,161,317		 2023
Total
funds
£
2,944
3,716,607
749,409
(713,874)
3,755,086

19. MOVEMENT IN FUNDS

At 1.9.23
£
Unrestricted funds
General fund
394,906
Endowment funds
Endowment fund
3,360,180
TOTAL FUNDS
3,755,086
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
374,986
Endowment funds
Endowment fund
261,928
TOTAL FUNDS
636,914		 Net
movement
in funds
£
194,766
211,465
406,231
Resources
expended
£
(206,870)
(204,910)
(411,780)		 Transfers
between
funds
£
(94,662)
94,662
-
Gains and
losses
£
26,650
154,447
181,097		 At
31.8.24
£
495,010
3,666,307
4,161,317
Movement
in funds
£
194,766
211,465
406,231

continued...

Page 26

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Endowment funds
Endowment fund
TOTAL FUNDS
Comparative net movement in funds, included in
Unrestricted funds
General fund
Endowment funds
Endowment fund
TOTAL FUNDS		 Net
movement
At 1.9.22
in funds
£
£
405,607
119,228
3,482,767
(252,516)
3,888,374
(133,288)
the above are as follows:
Incoming
Resources
resources
expended
£
£
318,258
(184,100)
95,208
(225,138)
413,466
(409,238)		 Transfers
between
funds
£
(129,929)
129,929
-
Gains and
losses
£
(14,930)
(122,586)
(137,516)		 At
31.8.23
£
394,906
3,360,180
3,755,086
Movement
in funds
£
119,228
(252,516)
(133,288)

The transfer in the year, between the General fund and the s554 Income Fund is to fund the deficit on this fund, as costs allocated exceeded the income generated.

The transfer between the Baxter Hall fund and the General fund is in respect of net rental income generated which can be used for general purposes.

Revaluation Reserve

Included in the fund balances above is a revaluation reserve of £1,977,176 (investment property £750,000 and investments £1,272,176). As at 31st August 2024, the revaluation reserve is allocated as follows, general fund £223,092, Baxter Hall £300,000, s554 capital fund £1,422,254 and other foundations £32,163.

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:

continued...

Page 27

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

19. MOVEMENT IN FUNDS - continued

o for the maintenance of any relevant school in the area or of a teacher's house for use in connection with any relevant school in the area.

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. The Baxter Hall property was transferred back to the Baxter Hall Trust in September 2024.

Other Foundations
Gilmorton,Edward Chandler
Leicester, G A Robinson
Stoke Golding
Rev Towers Earl Shilton
Hathern, Old School House		 Total 2024
£
4,077
-
432
46,303
65,755
116,567		 Total 2023
£
3,786
12,344
410
41,278
62,451
121,251

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.

20. EMPLOYEE BENEFIT OBLIGATIONS

Pension costs

Three 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.

continued...

Page 28

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

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 £4,288 (2023: £4,083) are equal to the contributions paid by the Board and there were no contributions outstanding at the period end.

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 and Deputy Director of Education are members 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 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 latest actuarial valuation of the TPS was carried out as at 31 March 2022.

The key elements of the valuation and subsequent consultation are:

continued...

Page 29

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

The next valuation result is due to be implemented from 1 April 2023.

The employer’s pension costs paid to TPS in the period amounted to £36,114 (2023: £33,873).

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 academy trust has accounted for its contributions to the scheme as if it were a defined contribution scheme. The academy trust has set out above the information available on the scheme.

21. RELATED PARTY DISCLOSURES

The Board is related to Leicester Diocesan Board of Finance.

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

2024 2023
£ £
Leicester Diocesan Board of Finance in respect of grants receivable, loans
and contribution to costs 170,489 113,522

22. POST BALANCE SHEET EVENTS

The Baxter Hall property was transferred back to The Baxter Hall Trust in September 2024.

23. 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 31st August 2024 was £146,469 (2032: £137,255).

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

continued...

Page 30

LEICESTER DIOCESAN BOARD OF EDUCATION

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

24. 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 19.

Page 31

LEICESTER DIOCESAN BOARD OF EDUCATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

For The Year Ended 31 August 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grant from Leicester DBF
Recharge to Derby DBE
Other trading activities
Rents received
Investment income
Investment income
Deposit account interest
Charitable activities
Admission appeal costs
Other income
Partnership agreement & course
Total incoming resources
EXPENDITURE
Charitable activities
Advice to schools
Support costs
Management
Wages
Social security
Pensions
Office costs
Fixtures and fittings
Computer equipment
Loss on sale of tangible fixed assets
Other
Repairs		 2024
£
144,020
170,489
65,237
379,746
24,839
139,330
3,427
142,757
10,050
7,233
72,289
89,572
636,914
138,568
180,033
14,836
40,400
21,109
49
2,106
39
258,572
149		 2023
£
650
113,522
62,418
176,590
24,732
124,540
3,454
127,994
10,570
11,896
61,684
84,150
413,466
109,053
199,060
15,327
38,205
25,443
2,107
687
-
280,829
-

This page does not form part of the statutory financial statements

Page 32

LEICESTER DIOCESAN BOARD OF EDUCATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 August 2024

Other
Governance costs
Auditors' remuneration
Legal and professional fees
Total resources expended
Net income		 2024
£
10,500
3,991
14,491
411,780
225,134		 2023
£
9,625
9,731
19,356
409,238
4,228

This page does not form part of the statutory financial statements

Page 33