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 inCo￿orating 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