GLOUCESTER DIOCESAN BOARD OF EDUCATION Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Annual Report & Accounts 2024
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Contents GLOUCf STER DIOCESA Board of Triistees E%-ollicio as Diocesan Bisho The Right Revereiid Racliel Treweek Board of Trustees and Principal Officers.................... Trustees, Report........................ ...............................3-10 Diocesan Bislio .5 Appointineiit The Right Reverend Robei-t Spriiigelt- Chair Independent Auditors. Report.............................11-13 Elected b Diocesan S nocl Canon Dr Matthew Andi'ews The Reverend Rachel Beck (resigned 12 July 20251 Dr Joan Grills- Vice Chaii Canoii Rachel Howie (appointed 3 February 20241 Miss Jennifer Lane Ire%igned 20 July 20241 Mr lonathon Millin Mr lan Mooie Mi's Siisan Padlield 14Ar5 Bernice Webb@i-Brown Statement of Financial Activities...... .14 Balance Sheet................................................................15 Notes to the Financial Statements......................16-32 Mrs Eiiima Mignaud Mr Giiy Phillips The Reverend Alice Wood Baiikers Barclays Bank plc 18 Southgate Street Gloucester GL1 2DH Auditor5 Haysmac LLP 10 Queen Street Place London EC4R IAG Registered Office and Operational Address 4 College Green Gloucester GLI 2LR Investment Managers CCLA Investment Management Ltd 80 Clieapside London EC2V 602 Registered charity number 1199117
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Trustees. Report for theyeor ended 31 December 2024 The trustees present their report and financial statements for the year ended 31 December 2024 and confirm the financial ststements comply with current statutory requirements, the charity's governing document, the Statement of Recommended Practice.. Accounting and Reporting by Charities (Charities SORP IFRS 10211 and the Financial Reporting Standard 102 applicable in the United Kingdom and Republic of Ireland (UK Generally Accepted Practice) and the Charities Act 2011. Objects. Strategies and Activities The objects of the charitable incorporated organisation ICIOI are to advance or agsist in the advancement of education consistent with the faith and piactice of the Church of England for the public benefit in the Diocese, in particular by carrying out the functions of the Diocesan Board of Education for the Diocese under the provisions of the Diocesan Boards of Education Measure 20211'the Measure'l. The Gloucester Diocesan Board of Education IGDBEI seeks, as required by the Measure, to.. promote or assist in the promotion of education in the Diocese that is consistent with the faith and practice of the Church of England.. promote or assist in the promotion of religious education and religious worship in schools in the Diocese.. promote or assist in the promotion of Church schools in the Diocese.. promote co-operation between itself and other person5 concerned with education in the Diocese. bl dl The GDBE does this in accordance with the LIFE Together Vision of the Diocese, which seeks to enable Life in All its Fullness Ilohn 10.'101, through Leadership, Imagination, Faith and Engagement. In accordance with the Measure, the Diocesan Director of Education IDDEI leads a team of Principal Advisors and administrators who fulfil the objects of the CIO and requirements of the Measure. These staff member5 are employed by the GDBE. Principal Advisors and the DDE have specific areas of responsibility related to Christian character,. Statutory Inspection of Anglican and Methodist Schools ISIANISI., religious education IRE),. spirituality.. collective worghip,. justice and courageous advocacy,. relationships, sex and health education IRSHEI,. wellbeing,. governance,. buildings,. admissions,. and trusts. The GDBE has established trustee committees to monitor the wellbeing and progress of the schools through the work of the Education Team and its own stewardship of resources.. Standards and Ethos Committee to maintain strong oversight of the educational standardg and Christian character within all Church of England schools and academies driven by the GDBE Vision. Finance, Audit and Resources Committee- to maintsin oversight of financial and audit-related matters, and of the charity risk register," to maintain a strong oversight of the land, buildings and trusts for which the GDBE has responsibility, and to make recommendations to the full board in this regard in order to support the Christian education of the pupils in our schools. Academisation Committee - to consider applications for conditional consent for academisation from diocesan Church Schools, and for permission to take articles with the Diocese from multi-acadetny trusts and make recommendations on these matters to the GDBE. In addition to the committees there is a Foundation Governor Appointment Panel who undertake the delegated responsibility regarding the appointment of foundation governors and foundation trustees. The ful1 board meets four times a year, with extraordinary meetings as required. Committees meet at leastthree times a year depending on remit and need.
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Trustees. Report for theyear ended31 December2024 Schools The GDBE has oversight of 116 Church of England schools in the Diocese, one of which is a secondary academy and the remainder primary lincluding infant and junior) schools. The Diocese of Gloucester family of schools spans two local authoiities (Gloucestershire and South Gloucestershire). There are a variety of schools acioss the Diocese, including small rural primary schools with mixed-age classes, large city schools, schools with attached nursery provision and wrap-around care, as well as All Saint5, Academy Isecondaryl. 75 schools are maintained by the local authorities and are designated either voluntary aided or voluntary controlled. Some of these schools have entered into formal federation arrangements. The remaining schools are part of multi-academy tiusts. The multi- academy trusts currently containing GDBE schools are the Diocesan MAT.. the Diocese of Gloucester Academies Trust IDGATI,. Corinium Education Trust ICETI,. North Cotswold Schools Federation Multi-Academy Trust INCSF NIATI,. Primary QUEST IPQI,. and the Severn Federation Academy Trust ISFATI. Key Priority Foci in 2024 Annual priorities are set by academic year, and therefore the financial period with which this report is concerned bridges two academic years. Key foci for the period covered by this report have been.. Support for the development of the multi-academy trust IMATI landscape in the Diocese and for schools seeking to find a good home within a MAT that will uphold and continue to develop their distinctively Christian flourishing Monitoring and supporting the Christian distinctiveness of Church schools and their preparation for SIAMS inspections Strengthening and supporting governance in our Church schools through the provision of guidance, training, sUPPOrt and clarification of criteria for appointment and expectations of foundation governors, including substitute ex-offi'cio foundation governors Developing medium-term and longer-tertn strategic planning for the GDBE as a CIO Developing vision and leadership within our Church schools, including provision Df pastoral support for leaders and governors Supporting and facilitating carbon net zero strategy and action Support for RE, collective worship and spirituality Rolling out and continuing to evaluate and develop strategy for future income generation in a changing education and financial landscape Achievements and Performance The GDBE was estsblished as a CIO, with clear governance and committee structures. A new Diocesan Director of Education has been appointed, starting in September 2023, with a clear mandate for strategic development of the work of the GDBE. The CIO employs staff to support schools in their maintenance and building projects. During 2024 GDBE has continued to provide a high level of support to schools in this area. Additional school support is provided by staff for the development and delivery of religious education, spirituality and collective worship. This may be in the form of staff directly supporting the school or running training courses and event5 for the schools. The GDBE has been active in the securing of good homes for Church schools within the MAT landscape, working closely with local authority partners, the Regional Director for the Department for Education IOfEI and MATS. The Education Team have provided appropriate advice and guidance to governors to ensure that due diligence is
Gloucester Diocesan Board of Education incorporating Bishop Head1¢7m Fund and Voluntary Schools Fund Trustees. Report for theyear ended 31 December2024 Achievements and Performance Icontinuedl followed in decisions around academisation and federation. The Academisation Committee has ensured the robust enactment of conditional consent processes to ensure that conditional consent is appropriately considered and decisions made in the best interests of the current- and long-term distinctively Christian flourishing of Church schools in accordance with the Memorandum of Understanding between the DfE and National Society. The Finance, Audit and Resources Committee has considered with cale the distribution of the school condition allocation1SCAI grant to schools, taking into account their safeguarding, health and safety, and urgent needs, and has continued to follow up, with advice from the solicitors, several issues pertaining to trusts, buildings and land in order to make recommendations to the full board. Public Benefit Statement The board exists under the Diocesan Boards of Education Measure120211 The Nleasure sets out the core purpose of the Board of Education, which is to.. protnote or assist in the promotion of education in the diocese that is consistent with the faith and practice of the Church of England, promote or assist in the promotion of religious education and religious worship in schools in the diocese, promote co-operation between itself and other persons concerned with education in the diocese. The trustees confirm that they have complied with the duty in Section 17151 of the Charities Act 2011 to have due regard to the Charity Commissioner's general guidance on public benefit in exercising their powers or duties. They have carefully referred to this guidance when reviewing the board's aims and objectives and when planning Its future activities, acting in accordance with the Church ol England's Vision for Education for the common good of the whole human community and its environment.. hospitable to diverglty, respecting freedom of religion and belief, encouraging all to contribute from the depths of their own traditions and understandings, inviting collaborations, alliances and negotiation of differences in order to serve the flourishing of a healthily plural society and democracy. Financial Performance Financial Review During the past two years, the charity has gone through significant change with incorporation and separation from the Diocesan 803rd of Finance in 2022 to becoming the parent charity and sole member of the Bishop Headlam Fund and Voluntary Schools Fund. in 2023 and linking with those charities in 2024. The explanations below are based on the Statement of Financial Activity and Balance sheet as set out on pages 14 and 15. Total income in the year was £522,99312023'. £611,460) showing a decrease of14.47%. Total grants and donations received were £178,75212023.. £588,749) of which £123.050 was a grant from the GDBF12023.. £115,445). The 2023 figures include grants from VSF and BHF. The Foundation of St Matthias and the Sylvanus Lysons Charity have continued to support the GOBE. Charitable expenditure on school, governor and buildings support decreased by15.1% from £630,739 in 2023 to £535,436 in 2024 (note 61. The board is continuing to explore other source5 of income and achieve efficiencies to reduce costs. After charitable expenditure and gains on investments the net income for the year was a surplus of £126,89412023.. £19,279). The net unrestricted income was a surplus of £19,27912023.. deficit of £19,279).
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schoo15 Fund Trustees. Report for theyear ended 31 December2024 Financial Review Icontinuedl The accounting has followed FR5102 and the Charity SORP but this does not provide the level of clarity over the financial performance over the past two years that is needed to understand the financial statemenls. The following table shows the financial performance in the form of a statement of financial activities ISOFAI on the basis that the above changes were in place for the whole of 2023 and 2024.. SOFA for all charities with comparatives Totsl Total 2024 2023 Income & endowments from Oonations and grants 173,050 5,702 178.752 170,445 Charitable activities 21,169 69,002 90,171 92,350 Investment5 243,970 243,970 242,003 Other income 10,100 10,100 Total 204,319 318,674 522,993 504,798 Expenditure on Charitable activities 535,436 202.288 737.724 777.113 Total 535.436 202,288 737,724 717,713 Net lexpenditurel/income before investment gains 1331,117} 116,386 (214,731) (272575) Net gains on investments 341,625 341,625 585,890 Net lexpenditurel/income', (331,117) 458,011 126,894 373,575 Tran5frrs between funds 16 350,396 1350,3961 Net movement in funds 19,279 107,615 126,894 373.575 Totol funds brought fvrword Total funds carried forward 119,2791 6,934,051 6,914,772 6,541,197 7,041,666 7,041,666 6,914,772
Gloucester Diocesan Board of Education incorporating Bishop Headlom Fund and Voluntary Schools Fund Trustees. Report for the year ended 31 December 2024 Financial Review Icontinuedl The annual grant from the Gloucester Diocesan Board of Finance IGOBFI is agreed in advance and approved by the Diocesan Synod. A grant of service is provided in addition to cash for the provision of finance and HR support The GDBF has agreed an annual grant of £126,988 for 2025 to assist with the ongoing costs of the charity. Net asset5 at 31 December 2024 are £7,041,666 12023.. net liabilities of £19,279). During 2024, the Charity Commission approved the transfer of £1 million from the BHF Capital Fund to the BHF Income Fund to SUPPOrt the charitable activities of the GDBE. The board acknowledges the GDBE'S present financial position is reliant on the release of £1 million from BHF and that this model is not sustainable in the long term. The board iecognises that for its continued ability to be sufficiently resourced to fulfil the DBE Measure and support the flourishing of it5 Church schools, the GDBE needs to steward its capital wisely to preserve future investtnent income. The GDBE will engage over the next 12 months in strategic review of its core purposes against the DBE Measure and the LIFE Together vision of the diocese. which will inform budgeted cost management and income generation plans that will enable a managed transition to long-term sustainable in-year balanced budgets in future years. Reserves Policy Having considered financial risk, liquidity requirement and the timing of cash flows throughout the year, the board's policy is to aim to hold reserves equivalent to three months, budgeted unrestricted expenditure for the year12024.' £134kl. At the year end, the GDBE had £nil12023.. £119,27911 unrestricted reserves, and the board is working on a strategy to start building these reserves. Going Concern The trustees recognise the risk of financial viability, and this is reflected in the actions taken by the board. The GDBF has agreed an annual grant for the next two years, with an expected ongoing commitment. Both the Voluntary Schools Fund IVSFI Restricted Income Fund and the Bishop Headlam Fund IBHFI Restricted Income Fund (including the additional £1 million) transfer funds to support the GDBE with expenditure on charitsble activities. The trustees wish to minimise the risk of further releases from 8HF capital so the board is exploring other income source5. Accordingly, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and do not believe that there are any material uncertainties as to the going concern of the charity. Therefore, the trustees are content that the charity continues to adopt the going concern basis of accounting in preparing the annual accounts. Risk Management The trustees are responsible for the identification, mitigation and management of risk. The GDBE maintains a risk register to identify and support the mitigation of risks, via implementation of a management and mitigation strategy. This will be reviewed by trustees annually, with the responsibility for risk management delegated to the Finance, Audit and Resources Committee, where it is a standing item on each meeting agenda. Principal Risks and Unceitainties The risks identified as most significant for the period of this report and their mitigation strategies, are identified below.. Lack of clarity over responsibility for financial management, policies and procedures Close liaison with Diocesan Board of Finance
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Trustees, Report for theyear ended 31 December2024 Principal Risks and Uncertainties (continued) Agreement of new processes and procedures to ensure effective handovers of responsibilities, policies and procedures Service level agreement with Diocesan Board of Finance Clarity around expectations of service level agreement ISLAl/shared resources agreement ISRA) and staffing capacity to address new responsibilities Close communication with GDBF Review of SLAISRA annually to identify areas needing review Changes to level of income receivable.. grants, investments etc Active management of incomelexpenditure position, including close liaison with GDBF Creation of committee structures to facilitate budget approval and monitoring Future Plans Following the transition to a CIO and clarification of our budget position, work will continue to develop strategic medium- and long-term plans for the GDBE. which enables us to fulfi'l the expectations of the LIFE Together Vision in the education context, while continuing lo ensure full delivery of the legal requirements of the DBE Measure. This will enable us to support our Church schoo15 through what we anticipate will be a critical period for their flourishing in the current national policy and financial landscape, while safeguarding the long-term ability of the G08E to support its Church schools in accordance with their foundations. The development of the MAT landscape in the diocese is a critical period for the continued flourishing of Church schools. A key priority for the GDBE is therefore to be an active voice in shaping that landscape to ensure the long-teim flourishing of its Church schools. Decisions made by schools, and by the GDBE on their behalf through the conditional consent process, and the establishment of ways of working with MATS and other local partners, in a mixed landscape of maintained and academised schools, are critlC31 turning points. A key focus of our current and medium-term work will be to provide advice, guidance and support to schoo15 Wlth this decision-making and with smooth transitions into suitable MATS. Nleanwhile there is a need to continue to provide ongoing support for all our Church schools in relation to the aieas covered by the DBE Measure, including governance, RE, collective worship and buildings. We continue to develop and refine of income generation structures that will enable us to continue to provide the level of highly valued SLJpport available to our schools, including the use of an online platform to enable efficient and cost- effective access to our support for all our schools. We also recognise the importance of strong leadership and governance to enable the flourishing of schools and ensure the impact of our support and advice. Therefore, a key aspect of our work will be to support recruitment of headteachers and provide training for leaders and governors in their roles. Structure, Governance and Management The GDBE was registered with the Charity Commission on 27 May 2022 in response to the Diocesan Boards of Education Measure 2021 and is a charitable incorporated organisation ICIOI. The Gloucester Diocesan Board of Education Scheme dated13 July 2022 came into operation on 1 September 2022. Those persons who are normally referred to as members of the Board of Education are trustees in charity law. The GDBE became the sole trustee of the Voluntary Schools Fund and the Bishop Headlam Fund on 4 July 2023. The GDBE has taken advantage of the exemption for groups with income of less than £1 million not to prepare
Gloucester Diocesan Board of Education incorporating Bishop Headlom Fund and Voluntary Schools Fund Trustees. Report for the year ended 31 December2024 Structure, Governance and Management {continuedl group accounts. Organisation The Board of Education, as defined in ststute, has overall control of the activities of the CIO. This operates with three committees.. Stand3rd5 and Ethos Committee Finance, Audit and Resources Committee Academisation Committee Trustees and Method of Appointment The trustees of the GDBE are.. lal The Bishop Ibl One trustee appointed by the Bishop Icl 8 trustees elected by the Diocesan Synod, and Idl At least 4 and up to 5 trustees co-opted by the GDBE. When recruiting new trustees, consideration is given to the skills and experience of existing trustee5 in order to ensure a sufficiently wide range of skills is in place to enable furtherance of the CIO'S objects. Induction and training are given to new trustees and are ongoing for existing trustees. The term of each elected trustee may last no longer than three years. A trustee may serve no more than three consecutive terms of office without a break of at least one year. Induction and Training New trustees shall undergo a comprehensive period of orientation and induction with the Chair of Trustees, Diocesan Director of Education and other members of the board to brief them on their legal obligations under charity and company law,. rDle and responsibilities,. and vision, strategy and support as well as an overview of how the GDBE fits in with the other entities within the Diocese. Organisational Structure and Decision-making The Board of Education administers the charity and also has a service level agreement with the Gloucester Diocesan Board of Finance for services connected with financial and human resources. A Diocesan Director of Education is appointed by the trustees to manage the day-to-day operations of the charity. Key personnel of the GDBE are.. Jane Borgeaud Diocesan Director of Education Remuneration of Key Management Personnel The board is responsible for setting the pay for the key members of staff and any annual increments are agreed by the Chair of the board. Custodian Trustee The CIO is the custodian trustee for all voluntary aided Church of England schools in the benefice area (Diocese of Glouce5terl except in cases where it is the actual trustee either by right of the trustee document or following an order under S86 of the 1944 Education Act. Under the 2021 Diocesan Boards of Education Nleasure, governors are required to consult the board and seek written permission to do any work on their school buildings which involves governor liability. The board's main objective is to support Christian education and governors in the maintenance and development of school building5.
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Trustees. Report for theyear ended 31 December 2024 Trustees. Responsibilities in Respect of the Financial Statements The trustees are responsible for preparing the trustees, report and financial Statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales 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 chaiity and of the income and expenditure for that period. In preparing those fi'nancial statetnents the trustees are required to.. Select suitable accounting policies and then apply them consistently,. Observe the methods and principles in the Charities SORP., Nlake judgements and estimates that are reasonable and prudenL State whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalement5,' and Prepare the fi'nancial statements on the going concern basis unle95 It is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the board's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The trustees, reporL incorporating the strategic report, was approved by the board of trustees on 2025 -YL The Right Reverend Robert Springett Chair, Gloucester Diocesan Board of Education 10
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Independent Auditors. Report To the Trustees of Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Opinion We have audited the financial statements of the Gloucestei Diocesan Board of Education for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 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 financia5 ststements.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of the charity's net movement in funds for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI) 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. 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 condition5 thaL individually or collectively, may cast significant doubt on the group's ability to continue a5 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 Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed in our report we do not express any form of assurance conclusion thereon. In connection with our audit of the financi315tatements, 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 Dur knowledge obtained in the audit or otherwise appears to be materially misstated. 11
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntory Schools Fund Independent Auditors. Report To the Trustees of Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the fi'nancial 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. Matters on which we are required to report by exception We have nothing to report in respect of the following Matters in relation to which the Charities IAccounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the charity.. or sufficient accounting records have not been kept,. or the charity financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilities statement set out on page 10, the trustee5 are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is nece55ary to enable the preparation of financial statements that are free from material mi5statemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mattels related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate charity or to cease operations, or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financial statement5 Our objectives are to obtain rea50nable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that include5 our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists. Nlisstatements 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. Based on our understanding of the charity and the environrnent in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Charity Commission. and we considered the extent to which non-compliance might have a material effect on the financial ststements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act. 12
Gloucester Diocesan Board of Education incorporating Bishop Heodlam Fund and Voluntory Schools Fund Independent Auditors. Report To the Trustees of Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund We evaluated management's incentives and opportunities for fraudulent manipulation of the financial 5tatetnents (including the risk of override of controls) and determined that the principal iisks were related to fund accounting, including transfers between funds, and revenue recognition. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and tax authorities,. Discussions with management including consideration of known or suspected instsnces of non- compliance with laws and regulation and fraud,. Evaluating management's controls designed to prevent and detect irregularities,. Identifying and testing journals,. Challenging assumptiong and judgements made by management in their critical accounting estimates,. Testing transfers between funds,. and Cut-off testing in respect of revenue. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less 5ikely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment forgery, collusion, omission or misrepresentation. A further description of our iespon5ibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uvauditorsresponsibilities. Thi5 description forms part of our Auditors, repoit. Use of our report This report 15 made solely to the charity's trustee, as a body, in accordance with settion 144 of the Chaiities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might State to the charity's trustee 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 charity's trustee as a body for our audit work, for this report, or for the opinions we have formed. Haysmac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG 13 October 2025 Haysmac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 13
Gloucester Diocesan Board of Education incorporating Bishop HeGdlt7m Fund and Voluntory Schools Fund Statement of Financial Activities (or the yeor ended 37 December 2024 Totsl 2024 2023 Income & endowments from Donations and grants 173.050 5,702 178,752 588.749 Charitable activities 21,169 69,002 90,171 22,711 Investments 243,970 243,970 Other income 10,100 10,100 Total 204.319 318,674 522,993 611,460 Expenditure on Charitable activities 535,436 202,288 737,724 630,739 Total 535,436 202,288 737,724 639,739 Net lexpenditurel[Income before investment gains 1331.117) 116,386 (214,731) U9,279J Net gains on investments 341,625 341,625 Net lexpenditurellincome 1331,117) 458,011 126,894 09279) Introduction of linked charities fvnds Voluntory Schools Fund 4,577,833 4,577,833 Bishop Hec7dlam Fund 2,356,218 2,356,218 Tronsfers between funds 16 350,396 1350.3961 Net movement in funds 19,279 7,041.666 7,060,945 (19,279) Tolol funds brought forword 119,2791 119,2791 Total funds carried forward 7,041,666 7,041.666 (19279) All income and expenditure for the current and prior year are derived from continuing operations. All gains and losses arising in the year and in the preceding year are included above. Full comparatives for the year to 31 December 2023 are shown in note 18. The notes on pages 16 to 32 foim part of these financial statements. 14
Gloucester Diocesan Board of Education incorpon7ting Bishop Headlam Fund and Voluntary Schoo15 Fund Balance Sheet 5 at 31 Decernber 2024 2024 2023 Tangible assets 70 274,755 Investments 6,653,825 Fixed Assets 6.928,580 Debtors.. amounts falling due within one year 72 72.582 266,762 Cash at bank and in hand 1,271.248 Current Assets 1,343,830 266,762 Creditors: amounts falling due within one year 73 {1.230,7441 (286.047) Nel Current Assets/(Liabilities) (Ciirrei?t a55et5 less creditors < 7 year) 113.086 09279) Total Assets less current liabilities 7.041,666 (79,279) Restricted funds 76 7,041,666 Unrestricted funds 76 09,279) Reserves 7.041,666 (19,279) Approved by the Board of Trustees on ..... 2025 and signed on its behalf by The Right Reverend Robert Springett Chair, Gloucester Diocesan Board of Education Charity number.. 1199117 The notes on pages 16 to 32 form part of these financial statements. 15
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Notes to the Financial Statements for the year ended37 December 2024 Note 1 Accounting Policies The principal accounting policies adopted in the preparation of the financial statements are set out below. They have been applied consistently during the period and in the preceding period. Basis of Preparation These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments and fixed asset land & buildings being measured at fair value through income and expenditure within the Ststement of Financial Activities. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102112nd Edition, effective l January 20191. The Charity and its linked entities I'The Charity'l are public benefit entities for the purposes of FRS 102 and. therefore, the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP including update Bulletin 21 and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. The Gloucester Diocesan Board of Education IGDBEI has taken advantsge of the disclosure exemptions permitted by the Charities SORP FRS 102 to not prepare a statement of cash flows. The principal accounting policies adopted in the preparation of the financial statements are set out below. Income All income is included in the Statement of Financial Activities when all of the following criteria are met.. Entitlement - control over the rights or other access to economic benefit has passed to the Charity. Probable it is more likely than not that the economic benefits associated with the transaction or gift will flow to the Charity. Measurement - the monetary value or amount of the income can be measured ieliably and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. Grant from Gloucester Diocesan B0¢7rd of Finance The annual grant is agreed in advance by the GDBF as approved by the Diocesan Synod. A grant of service is provided in addition to cash for the provision of finance and other services. Expenditure Liabilities and constructive obligations are recognised in the Statement of Financial Activities in the year in which approval is given by the trustees regardless of the due dates for payment. All charitable activitie5 expenditure relate5 to grants awarded and there are no directly undertaken activities. 16
Gloucester Diocesan Board of Education inCoorating Bishop Headlam Fund ond Volurjtary Schools Fund Notes to the Financial Statements for theyear ended 31 December2024 Note 1 Accounting Policies {continued) Expenditure (continued) Exemptions to this are as fo15ows'. Commitments which are dependent upon explicit conditions being met by the recipient are treated as contingent liabilities where those conditions have not yet been met. Support costs have been allocated to funds on the basis of the time spent during the period. Going Concern The trustees consider there are no material uncertainties about the charitys ability to continue as a going concern. The review of its financial position, levels of reseiveg and fvture plans give the trustees confidence the charity remain5 a going concern for a period in excess of 12 months from the date of approval of these accounts. This review has included an asse55ment of cash flow forecasts. Depreciotion Depreciation has not been provided on properties classified as tangible fixed assets. The trustees consider that their remaining useful life is so long, and their residual value remains so high, that any depreciation would not be material. No depreciation is provided on land. Solar panels are amortised on a straight-line basis over 25 years. Tangible FixedAssets Tangible fixed assets with a useful life of over one year and costing £1,000 or more are capitalised and recogni5ed when future economic benefit5 are probable and the cost or value of the asset can be measured reliably. Land and properties are included in the financial statements at historical cost where they are considered sufficiently separable from the associated school. An impairment review is carried out by the trustees at each balance sheet date, and any permanent diminution in value is recognised in the current year. FtxedA55et Investments All investments are classified as fixed assets and are stated at valuation. Properties held as investments are stated at valuation carried out by the trustee with the assistance of an internal desktop review or independent professional advice as required. For shares in Central Board of Finance of the Church of England managed funds this is the bid price ruling at the balance sheet date. For investments listed on the stock exchange, the bid price at close of business of the last working day of the year 15 used. Changes in the value of investments are shown in the Statement of Financial Activities as unrealised gain and losses. Finoncial Instruments The Charity only has financial agsets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 17
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund ond Voluntary Schools Fund Notes to the Financial Statements for theyear ended 31 December2024 Note 1 Accounting Policies (continued) Pension Costs The Charity's staff are members of the Church Worker5 Pension Fund. The charity operate5 two pension provisions. Staff who were formerly employed by Gloucester Diocesan Board of Finance participate in a direct contribution scheme at the same employer's contributory rate. New employees participate in a direct contribution scheme set up by the new entity to which the employer's contribution is 10%. Judgements and Key Sources of Estimation Uncertainty The preparation of the financial statements requires management to make judgements, estimates and a55umptions that affect the amounts reported for assets and liabilities as at the balance sheet date and assumptions that affect the amounts reported for income and expenditure during the period. However, the nature of estimation means that actual outcome5 could differ from those estimates. The following judgements are considered by the trustees to have the most significant effect on amounts recognised in the financial statements. There were no significant areas of uncertainty that would affect the carrying value of assets held by the Charity. Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors Creditors and provisions a recognised where the charity has a present obligation resulting froni 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 reliably. Creditors and provisions are normally recognised at the settlement amount after allowing for any trade discounts due. 18
Gloucester Diocesan Board of Education incorporoting Bishop Headlam Fund and Voluntary Schools Fund Notes to the Financial Statements fvr the year ended31 December2024 Note 2 Donations and Grants Total 2024 Total 2(U3 Diocesan Board of Finance grant 123,050 123,050 115,445 Voluntary Schools Fund grant St Matthias Trust grant 418,304 50,000 50,000 55,000 Sylvanus Lysons grant Other donations 5,600 5,600 102 102 Grants and donations 173,050 5,702 178.752 588,749 Note 3 Charitable Activities TotGI 2024 Total 2023 Rents receivable 69,002 69,002 Training and courses 21,169 21,169 22,711 Total 21.169 69,002 90,171 22,711 Note 4 Investments 2024 2023 Income from fixed asset investments 222,066 Solar panel income 21,904 Investments 243,970 All investment income in 2024 relates to restricted funds. 19
Gloucester Diocesan Board of Education incorporatirjg Bishop Headlam Fund and Voluntary Schools Fund Notes to the Financial Statements for the yeor ended 31 December2024 Note 5 Other Income 2024 2Q23 Employment allowance 10,000 Miscellaneous income 100 Other 10.100 All other income in 2024 relates to unrestricted fund5. Note 6 Charitable Activities 2024 2023 School and governor support 412,533 5,600 418.133 572,777 School buildings support 122,903 122,903 118,022 Charitable activities of Bishop Headlam Fund 3,000 3,000 Charitable activities of Voluntary Schools Fund 193,688 193,688 535,436 202,288 737.724 630,739 20
Gloucester Diocesan Board of Education incorporating Bishop Heodlam Fund and Voluntary Schoo15 Fund Notes to the Financial Statements for theyear ended 31 December2024 Note 6 (continued) Charitable Activities Comparotive analysis for2Q23 2023 School and governor support 512.717 572,717 School buildings support 118,022 118,022 Charitable activities of Bishop Headlam Fund Charitable activities of Voluntary Schools Fund 630,739 630,739 Note 7 Analysis of Support Costs 2024 2023 Central administration 510,179 196,414 706,593 600,697 Governance.. Audit and/or independent examination fee 13,920 5,874 19,794 19,0(10 Professional fees 11,337 11,337 11,042 Total 535.436 202,288 737,724 630.739 Analysis of Support Costs Con7parative analysis for 2023 2023 Central administration 600,697 600,697 Governance.. Audit and/or independent examination fee 79,000 79,000 Professional fees 11,042 11,042 Total 630.739 630,739 21
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schoo15 Fund Notes to the Financial Statements fvr the yecr ended37 December 2024 Note 8 Net movement in funds 15 Stated after charging: 2024 2023 Amortisation 8,715 Impairment of fixed assets 182,575 Auditors, remuneration audit and/or independent examination fee 19,794 19,000 Note 9 Staff Costs 2024 2023 Costs of employees Salaries 363,360 365,847 Redundancy and termination payments 42,767 Social security costs 40,102 40,763 Pension costs 59,603 65,216 Total 463.065 514,047 The number of employees whose emoluments exceeded £60,000 were (Is follows.. 2024 2023 No. Employees earning between £70,001 and £80,000 Employees earning between £100,001 and £110,000 2024 2023 No. No. The average number of employees was.. The employer's pension contribution for stsff earning over £60,000 was £7,50012023= £10,610). The Chaiity considers its key management personnel comprises the trustees and the Director of Education. The total employment benefits including pension contributions of the key management personnel were £91,59512023'. £153,421) for the year. 22
Gloucester Diocesan Board of Education incorporating Bishop HeGdlt7m Fund ond Voluntary Schools Fund Notes to the Financial Statements for the year ended 31 December 2024 Note 9 Staff Costs (continued) No trustee received any remuneration for services a5 a trustee. the trustee5 received travelling and out of pocket expenses, totalling £17812023 £1661. Note 10 Freehold Solar Tangible Fixed Assets Cost or valuc7tion.' Property Pane15 Total At 1 January 2024 Introduction of VSF property 351.S75 351,575 Transfers 217,872 217,872 At 31 December 2024 351,575 217,872 569,447 Depreciotion und impairments.. At 1 January 2024 Impairment 182,575 182.575 Transfers 112,117 112,117 At 31 December 2024 182.575 111117 294,692 Net book value.. At I January 2024 At 31 December 2024 169,000 105,755 274,755 Within the freehold property of VSF are various school houses, originally built to house teachers at the associated school. An impairment review has been undertaken with the assistance of a RICS qualified expert. For teachers, houses which are an integial part of a functioning School, it is considered that there would only be a recoverable amount if the school itself were to be permanently closed. Such an event is considered to be unlikely and therefore an impairment loss has been recognised during the year to reduce the carrying value of such assets to £nil. Depreciation has not been provided on the remaining freehold property, which is considered to be sufficiently separable from the associated school. The trustees consider that the cost included in the accounts represents the residual value of such property and, therefore, no depreciation charge has been provided. The historic cost and accumulated depreciation as at 31 December 2024 in respect of solar panels have been transferred in from fixed asset investments to reflect better the r)ature of the asset in VSF. 23
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Notes to the Financial Statements for theyear ended 37 December 2024 Note 11 Solor panels Investment properties Oiher invesÈm't5 Fixed Asset Investments 2024 2023 Introduction of VSF and BHF investments 114.470 198,640 6,789,782 7,102,892 Additions 58,750 58,750 Disposals 1703,8351 1703,8351 Amortisation 18,7151 18,7151 Transfers U05,7551 1105.7551 Unrealised investment gains 171,360 139,128 310,488 Market value at 31 December 2024 370.000 6,283,825 6,653,825 Historic cost ot37 December2024 115,575 2,467,604 2.583.179 Gains on investment assets Unrealised gains las above) 171,360 139,128 310,488 Realised gains 31,137 31.137 Total investment gains 171,360 170.265 341.625 The investment properties of VSF have been revalued during 2024 with the guidance of a RICS qualified expert resulting in an increase in valuation of £171,360. The value as at 31 December 2024 in respect of solar panels has been transferred into tangible fixed assets to reflect better the nature of the asset. 24
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntary Schools Fund Notes to the Financial Statements fvr theyear ended37 December 2024 Note 11 Fixed Asset Investments {continued) Investments comprise.. 2024 2023 Listed investments lequitiesl UK investments 574,342. Non-UK investments 3,997,770 Listed Investments total 4.572.112 Unlisted investments Property and other 1.607,402 Cash 104,311 Unlisted Investments total 1,711.713 Investments total 6,283,825 The allocation in li} represents the allocation of the CCLA-managed Investment Fund at 31 December 2024. Note 12 Due within oneyeor Debtors 2024 2023 Trade debtors 15.946 2,830 Prepayments and sundry debtors 36,491 29,267 Owing from the VSF 234,665 Owing from the Gloucester Diocesan Board of Finance 20,145 Total 72,582 266,762 25
Gloucester Diocesan Board of Education incorporating Bishop Headlom Fund ond Voluntary Schools Fund Notes to the Financial Statements for rheyear ended 31 December2024 Note 13 Creditors Due within oneyear 2024 2023 Trade creditors 2,260 7,280 Accruals and deferred income 27,523 23,595 Owed to the Gloucester Oiocesan Board of Finance 254,172 Other creditors 1,200.961 7,054 Total 1.230.744 286,041 Note 14 Related Parties The Gloucester Diocesan Board of Finance IGDBFI provides financial support to GDBE in the form of grants and a service level agreement. GDBF acts as a conduit in respect of VSF'S solar panel income. During the year GDBF paid grants of £123,05012023'. £115,445) to GDBE. At 31 December 2024, GDBE was owed £3,210 from GDBF12023.. GOBE owed £254,112 to GDBFI. At 31 December 2024 VSF was owed £16,935 from GDBF12023. £25,886). From I January 2023 to 3 July 2023 the GDBE, Voluntary Schools Fund IVSFI and Bishop Headlam Fund IBHFI were related parties by virtue of having the same board of trustees. On 4 july 2023 VSF and BHF became wholly owned subsidiaries as the GDBE was appointed as sole trustee. On 5 March 2024 the Charity Commission approved a linking order for VSF and 8HF to the GDBE. The transactions and balances for these entities for the year ended 31 December 2024 are included in these accounts. VSF'S linked charity number is 1199117-1 and BHF'S is 1199117-2. 26
Gloucester Diocesan Board of Education incorporating Bishop Heodlam Fund and Voluntary Schools Fund Notes to the Financial Statements for theyeL7r ended 31 December 2024 Note 15 Analysis of net assets by fund= Summary Total Funds 0137 December2024 are represented by.- Tangible fixed assets Fixed asset investments 274,755 274,755 6,653.825 6,653,825 Debtofs 28,270 44,312 72,582 Cash 3,060 1,268,188 1,271.248 Creditors 131,3301 U,199,4141 11,230,744) Total 7,041,666 7.041.666 Funds include the following unrealised goins on investments.. Introduction of unrealised gains of VSF and BHF Net gains on revaluation in year Gains on disposals 4,123,920 4,123,920 310,488 310,488 1468,282} 1468,2821 Transfers 104,S80 104,580 Total 4,070,706 4,070,706 27
Gloucester Diocesan Board of Education incorporating Bishop Headlt7n7 Fund and Voluntary Schoo15 Fund Notes to the Financial Statements for the year ended37 December2024 Note 15 Icontinuedl Comporotive analysis of net assets by fvnd.. Summary Totol Funds at 31 December2Q23 (7re represented by.. Tangible fixed assets Ftyed asset investments Debtors 266,762 266,7 Creditors P86,041) (286,047J Total (19,279) 9,279) Note 16 Funds Unrestricted Fund GDBE Unrestricted 119,2791 204,319 1535,4361 350,396 Total Unrestricted Fund (19,2791 204,319 (535,4361 350,396 28
Gloucester Diocesan Board of Education incorporating Bishop Headlam Fund and Voluntory Schools Fund Notes to the Financial Statements for theyear ended 31 December2924 Note 16 Funds (continued) Reslricled Fund GDBE Restricted School leavers, services GDBE Restricted Environmental income 5,600 15,6001 102 102 BHF Restricted Capitol 2.350,394 56,789 11,000,000) 1.407,183 BHF Restricted Income 5,824 76,186 13,0001 862,088 941,098 VSF Restricted Copital 4,553,949 21,904 1191,2901 284,836 4,669.399 VSF Restricted Income 23,884 214.882 12,3981 1212,4841 23,884 Total Restricted Funds at 31 Dec 2024 6,934,051 318,674 {202,2881 341,625 {350,3961 7,041,666 The restricted funds in the GDBE arose from a grant application for holding cr055es for school leavers, services 1£5,6001 and environmentsl donations from employees1£1021. The BHF Restricted Capitsl Fund originated from an appeal launched by Bishop Headlam in 1937 to build new secondary schools. The purposes to which it may be applied were widened by tsvo Charity Commission schemes, the most recent of which was in 2010 which aligned it to the purposes of V5F. The BHF Restricted Capital Fund can be spent on the erection, improvement and maintenance of relevant schools and teachers, houses. The Charity Commission approved the transfer of £1,000,000 from the BHF Restricted Capital Fund to the 8HF Restricted Income Fund in 2024. £64,726 of the £1,000.(K)O was transferred to the GDBE unrestricted fund. The BHF Restricted Income Fund can be spent on the erection. improvement and maintenance of relevant schools and teachers, houses and the provision of advice and guidance, inspection services and employment of staff to administer the fund. The Voluntary Schools Fund is a uniform gtatutory trust for educational purposes established under the Education Act 1993 and represents the consolidation of educational trusts relating to closed Church schools in the Diocese of Gloucegter. The purposes to which the VSF Restricted Capital Fund and VSF Restricted Income Fund may be applied are set out in schedule 17 of the Education Act 1993. These are broadly as follows.. 29
Gloucester Diocesan Board of Education incorporating Bishop Headlom Fund urjd Voluntory Schools Fund Notes to the Financial Statements fvr the year ended 37 December2024 Note 16 Funds (continued) VSF Restricted Capital Fund.. erection, improvement and maintenance of relevant schools and teachers, houses. VSF Restricted Income Fund.. erection, improvement and maintenance of relevant schools and teachers, houses and the piovision of advice and guidance, inspection services and employment of staff to administer the fund. During the year £212,48412023'. £418,304) was transferred from the VSF Restricted Income Fund to the GOBE Unrestricted Fund and £137,91212023.. £nill was transferred from the BHF Restricted Income Fund to the GDBE Unrestricted Fund. Comparative fvnds Unrestricted Fund GDBE Unrestricted 611,460 f630,739) 9,279) Totol Funds at 31 Dec 2023 611,460 (630,739) (79,279) Note 17 Pensions The Gloucester Diocesan Board of Education participates in the Pension Builder Scheme settion IPBSI of the Church Workers Pension Fund ICWPFI foi eligible salaried employees. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers. 30
Gloucester Diocesan Board of Education incorporating Bishop He(7dlam Fund and Voluntary Schools Fund Notes to the Financial Statements for the year ended 31 December2024 Note 17 (continued) Pensions CWPF has two sections.. the Defined Benefits Scheme the Pension Builder Scheme, which has two subsections,. a deferred annuity section known as Pension Builder Classic, and, a cash balance section known as Pension Builder 2014. Pension Builder Scheme 80th sections are classed as defined benefit schemes. Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors. Pension Builder2074 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement depending on investment returns and other factors. The account plus any bonuses declared is payable, unreduced, from age 65, There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FR5 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are the contributions payable12024.' £59,603, 2023.. £65,276). A valuation of the Pension Builder Scheme is cariied out once every three years. The most recent valLJation was carried out as at 31 December 2022. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant o discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997,. and a bonus on pensions in payment in respect of post-April 2006 service so that the pension increase was 2.7% Iwhere usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time. The next valuation is due as at 31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.Sm on the ongoing assumptions used. There is no requirement for deficit payments at the current time. The legal structure of the scheme is such that if another employer fails, Gloucester D8E could become responsible for paying a share of that employer's pension liabilities. 31
Gloucester Diocesan Board of Education incorporating Bishop Het7dlt7m Fund and Voluntary Schools Fund Notes to the Financial Statements fvr Iheyear ended37 December 2024 Note 18 Prior Year Comparative SOFA Total 2023 Income & endowments from Donations and grants 588,749 588.749 Charitable activities 22,711 22,711 Total 611,460 611,460 Expenditure on Charitable activities 630,739 630,739 Total Expenditure .*#-:• 630.739 ¥," 630,739 Net expenditure 119,279) 119,2791 Totol funds brought forword Total funds carried forward (19,2791 119,2791 32