2022-03-31-accounts - The London Diocesan Board For Schools

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Company	registration	registration	00198131
Country of	incorporation:		England
Charity registration		number:	313000
Registered	office:		London Diocesan House
			36Causton Street
			London SW1P4AU
Secretary:			I R M Woolf
Bankers:			Barclays Bank pic
			Charities &Education Team
			Level 27
			1Churchill Place
			London E14SHP
Solicitors:			Winckworth Sherwood		LLP
			Minerva House,
			5 Montague Close,
			London SE19BB
Independent	Auditor:		Haysmacintyre LLP
			Statutory Auditors
			10Queen Street Place
			London EC4R 1AG
Investment	managers:		CCLA Investment Management				Limited
(except directly held		property)	The CBFChurch of	England		Funds
			85Queen Victoria Street
			London EC4V4ET
			M&G Securities Limited
			Laurence Pountney	Hill
			London EC4R OHH

INDEX			PAGE
Foreword
Overview			5-7
Strategic Report			7-16
Trustees' Report			16-25
Statement oftrustees'		responsibilities	25-26
Independent auditor's		report	27-29
Consolidated statement		offinancial activities	30
Consolidated balance	sheet		31
Charitable company	balance sheet		32
Consolidated statement		ofcash flows	33
Notes to the financial	statements		34-44

Unrestricted income and	Unrestricted income and	Unrestricted income and	Expenditure	Expenditure	LDBS &Grow	Education
Group Unrestricted		income			2022	2021
					6000's	6000's
LDBSSchool subscriptions			and	sales	605	567
Grow Education	sales and		fees		1,117	1,071
Teaching London					709
London Diocesan	Fund				456	429
Grants received						18
Interest income					1	1
Reimbursement	from schools				220	211
					3,108	2,297
Grant from Uniform		Schools Trust			450	400
Transfer from SCITT		restricted		fund	14
					3,572	2,697

Group Unrestricted	Group Unrestricted	expenditure
LDBS				2,161	2,090
Teaching London				712
Grow Education				703	636
				3,576	2,726
Net movement	in	unrestricted	funds	(4)	(29)

rustee			Other relevant roles				Term dates
The Bishop of Edmonton - Chair ofthe Board							Ex Officio
			rag' le%cher, —,.&hn Dhdrgji;, 'of fiI, ,	'	. .	x.
,au'lf Ai'tgttesor'rCWxslk'er			. *I
			Chair of Governors, The Blue CofE Primary School, Hounslow
Stephanie	Ajayi		Diocese of London Racial justice Priority Group				31.12.25
			Chair of Local Authority School Appeal		Panel
ratcherlne	Allard		eadteauher Jofm',Rebje cofE.priynapf		dcltdell8)ent	k. ~ &3&j
			Vicar, StPeter's Church, Grange Park
			Sub-Dean Enfield Deanery
Revd. Stephen		Coleman	Trustee, The Wren Academy Trust Governor, St Paul's CofE Primary School, Winchmore			Hill	31.12.24
			rustee, Ecclesiastical Law Society
			Honorary Research Fellow, St Stephen's		l-louse, Oxford
Monica Duncan			eadteacher, Duke Aldridge Academy rustee, St Luke's CofE Primary School,		Camden		31.12.23

			Chair of Governors, StJohn g StJames	School, Westminster
Andrew Garwood-Watkins			Chair, Westminster Schools Forum LDF Property Advisory Group		31.12.23
			Director, GROW Education Partners Ltd
Simon Judge - Vice Chair ofthe Board			rustee, Kemnal Academy Trust rustee, Volunteering Matters		31.12.25
			rustee, The City Literary Institute
Caria Munoz Slaughter			Former Chair of Governors of a CofE primary	school	31.12.24
			icar, St Paul's Church, Finchley
evd. Nicholas	Pye		overnor, St Mary' s.CofE Prima'ry School, ,'Finohley.		31.12.23
Revd. William	Rogers		icar, St Matthew's Church, Fulham		31.12.24
oe Vickerman		'	overnor, St, Isola'r'y AbbottxCefE;Rqirnary S'chool ondon,'Drocesari SygodifvJbr'Lib'' ~'". ;-'.'- ' ensihgtcin Area:—Bish'j ' F

FOR THE YEAR E	NDED 31	MA	RCH 2022
				Unrestricted		Restricted	Endowment	Total	Total
					Funds	Funds	Funds
					2022	2022	2022	2022	2021
Income from:				Notes	6000's	6000's	6000's	EOOIFs	6000's
Donations and grants				3a	456	20		476	431
Charitable activities				3b	1,535	&,950		10,485	18,452
Other trading activities				4	1,117			1,117	1,071
Investments				3c		1,0&7		1,087	1,055
Other income
Total					3,108	10,057		13,165	21,009
~Edh
Raising funds and	investment		management	sa		(335)	-	(335)	(610)
Commercial trading operations				4	(703)			(703)	(636)
Charitable activities				5b	(2,&72)	(9,351)	-	(12,223)	(20,132)
Total					(3,575)	(9,686)		(13,261)	(21,378)
Net gains/(losses)	on investments				(1)	4,364	70	4,433	(639)
Net income/(expenditure)		before transfers			(468)	4,735	70	4p337	(1,008)
Transfers between	funds			7	464	464)
Net income					(4)	4,271	70	4,337	(1,008)
Other recognised	gains
Change in fair value provision			af debtors			91	-	91	(23)
Net movement in	funds				4)	4,362	70	4,428	1,031
Reconciliation of	Funds
Fund balances at the beginning			ofthe year		563	37,220	1,301	39,0&4	40,115
Net movement in	funds for year				(4)	4,362	70	4,428	(1,031)
Fund balances at	the end ofthe year				559	41,582	1,371	43,512	39,084

CONSOLIDATED BALANCE SHEET AT31MARCH 202	2	2
	Unrestricted		Restricted	Endowment
		Funds	Funds	Funds	Group	Group
		2022	2022	2022	2022	2021
	Notes	EOOO's	EOOO's	EOOD's	EOOIYs	EOOD's
Fixed assets
Tangible fixed assets	8	16			16	22
Investments	9		40,969	1,371	42,340	37,954
		16	40,969	1,371	42,356	37,976
Current assets
Finance lease receivable after mare than one year	10	-	1,305		1,305	1,377
Finance lease receivable within one year	10		72		72	69
Trade and other debtors	11	66	261		327	906
Cash at bank and in hand		1,523	5,933		7,456	7,515
		1,589	7,571		9,160	9,867
Uabigtles
Creditors falling due within one year	12a	(1,046)	(4,991)	-	(6,037)	(6,673)
Net current assets		543	2,580		3,123	3,194
Total assets less current liabilities		559	43,549	1,371	45,479	41,170
Creditors falling due after more than one year	12b		(1,967)	—	(1,967)	(2,086)
Total assets		559	41g582	1~371	43512	39084
Funds
Unrestricted		559			559	563
Expendable capital	15	-	41,582		41,582	37,220
Permanent capital	16b			1,371	1,371	1,301
Total Funds		559	41z582	1.371	43.512	39084

	Unrestricted	Unrestricted	Restricted	Endowment	Total	Total
		Funds	Funds	Funds
		2022	2022	2022	2022	2021
	Notes	f000's	f000's	f000's	f000's	6000's
Fixed Assets
Tangible fixed assets	8	16			16	22
Investments	9		40,969	1,371	42 340	37,954
		16	40,969	1,371	42,356	37976
Current assets
Finance lease receivable after more than one year	10	-	1,305		1,305	1,377
Finance lease receivable within one year	10		72		72	69
Trade and other debtors	11	33	261		294	883
Cash at bank and in hand		1,318	5,933		7,251	7316
		1,351	7,571		8,922	9,645
Liabilities
Creditors falling due within one year	12a	808)	(4,991		5,799)	6,451
Net current assets		543	2,580		3,123	3,194
Total assets less current liabilities		559	43,549	1,371	45,479	41,170
Creditors falling due after more than one year	12b		(1,967)		(1,967)	(2,086)
Total assets		559	41,582	1,371	43,512	39,084
Funds
Reserves		559			559	563
Expendable capital	15	-	41,582		41,582	37,220
Permanent capital	16b			1,371	1,371	1,301
Total Funds		559	41,582	1,371	43,512	39,084

		Note	2022 f000's	2021 EOOD's
Cash flows from operating activities
Net cash provided by operating activities		13	(1,010)	334
Cash flows from investing activities
Dividends, interest and rents from investments			1,087	1.055
Purchase ofproperty, plant and equipment			(6)	(10)
Proceeds from sale ofinvestments			24
Net cash provided by investing activities			1,105	5.575
Cash flows from financing activities
Repayment ofborrowings			(113)	(208)
Finance lease drawdown
Interest paid				(116)
Finance lease repayments			70	67
Net cash (used in) financing activities			(154)
Net increase in cash and cash equivalents			(59)	1,222
Cash and cash equivalents at the beginning	ofthe year		7,515	6,293
Cash and cash equivalents at the end ofthe year			7,456	7555

1.3Basis ofConsolidation
The financial statements aggregate the Statements	of	Financial	Activities and Balance Sheets		of	the Funds	held	under the
LDBS's control namely:
Education Fund				unrestricted fund
Grow Education Partners Limited				wholly owned trading	company
Uniform Schools Trust				restricted fund
Uniform Schools Trust - Schools Building Projects				restricted fund
School Centred Initial Teacher Training Course				restricted fund
Schools Buildings' Maintenance Scheme				restricted fund
City and Diocese of London Voluntary Schools Fund				sole trustee ofa permanent		endowment
David Greig 1949Trust				sole trustee ofa permanent		endowment
Uxbridge Lecturers House Fund				sole trustee of a permanent		endowment
StJohn's CofESchool, Bethnal Green - Mrs May Hollings		Fund		sole trustee
StJude and St Paul Mildmay Park Trust				sole trustee
St Matthias School, Bethnal Green (a closed school)				sole tru. tee
The LDBS is Trustee for a number ofschools; the assets ofthe schools				concerned are not included	in the financial		statements
until such time as the school is closed and the site is	available for		sale.

NOTES TO THE FINANCIAL STA	NOTES TO THE FINANCIAL STA	TEMENTS FOR THE YEAR E	TEMENTS FOR THE YEAR E	TEMENTS FOR THE YEAR E	NDED 3	1MARCH 2022	1MARCH 2022
2 NET INCOME/(EXPENDITURE)		FOR THE YEAR ISSTATED			AFTER	CHARGING:
									2022			2021
					Unrestricted		Restdicted		Total	Unrestricted	Restrlcmd	Total
Auditor's remuneration:					5000's		E000's		6000's	6000's	5000's	E000's
-the statutory audit - LDBS						26		1	27	28	1	29
-the statutory audit - trading		subsidiary				4			4	4		4
-non-audit services
Depreciation on freehold and	leasehold		properties					24	24		24	24
Depreciation on fixtures, fittings and equipment									11	13		13
3 INCOME FROM:					Unrestdicted		Restricted		2022	Unrestricted	Restricted	2021
									Total			Total
(a) Donations and grants					E000's		6000's		E000's	E000's	6000's	5000's
Grant from London Diocesan	Fund (see note			14)		456			456	429		429
Spelthorne Gymnastics								19	19			1
HMRC tax relief on gift aid donations								1	1			1
						456		20	476
(b)Charitable activities
Grants and contributions receivable
from Education &Skills Funding		Agency,
Local Authorities and other public bodies							7,903		7,903	18	15,725	15,743
Sales, fees and subscriptions					1,315			925	2,240	567	975	1,542
Reimbursement from schools						220		122	342	211	956	1,167
					1		8950		1 485	796	17,656	18,452
(c)Investments
Distributions from unlisted pooled investment				funds				195	195		176	176
Rental income from investment		properties						849	849		824	824
Interest on cash deposits								43	43		54	55
							1	7	1087	1	1,854	1,855

		2022	2021
		6000's	5000's
Turnover		1,117	1,071
Cost ofsales		(6991	(632)
Gross profit		418	439
Administrative	expenses	(4)	(4)
Net profit		414	435
Gift Aid to LDBS		(414)	(435)
Balance added	to reserves

NOTES TO THE FINANCIAL	STATE		MENT	S FOR THE YEAR	ENDED 3	1MAR	CH 2022
5EXPENDITURE ON:								2022			2021
					Unrestricted		Restricted	Total	Unrestricted	Restricted	Total
(a) Raising funds and investment			management		f000's		f000's	f000's	EOOO's	f000's	EOOD's
Investment property expenses							153	153		368		368
professional fees for investment		and trust properties					71	71		126		126
Bank loan Interest							111	111		116		116
										610		610
(b) Chariitable activities
Grants to schools	(see details			in Note 5(c))			211	211		230		230
Grants to individuals through the		City &Diocese of
London Voluntary Schaols	Fund (see Note 16)						30	30		5		5
School building works and	repairs						8,863	8,863		16,975	16,975
Salaries, social security and pension costs (see note 6)					1,984		82	2,066	1,757	267	2,024
PGCE SCITTcourse delivery	costs					371		371		449		449
Depreciation -investment assets							24	24		24		24
Support costs:	Depreciation			-fixed assets		11		11	13			13
	Occupancy costs					295		295	287	21		308
	Audit	fees				30	1	31	32	1		33
Other costs					2	181 2	140 9,351	321 22~	1 090	70 18042	20	71 132
(c)Grants made ta Schools
StJude &St Paul's School, Mildmay			Park				96	96		127		127
Greig City Academy
Holy Trinity School, Dalston							77	77		72		72
StJohn's School, Bethnal Green							31	31		24		24
StGeorge the Martyr School, Holb		or n					7	7		7		7
							211	211		230		230

					2022	2021
6STAFFCOSTS					EON's	EONYs
Wages and salaries					1,797	1,717
Social security costs					211	195
Pension costs					389	391
					2,397
The average number ofstaff employed		by the company,	including	contracted	part time staff on a full time equivalent	basis was:
Statutory advice and corporate					16	16
Primary trading and non statutory	support				15	15
					31
Average number ofemployees					46	47
The number ofemployees whose	gross	salary for the year exceeded E60,000			are as follows:
E60,001-f 70,000
F70,001-6 80,000
E80,001- E 90,000 f90,001-6100,000

8TANGIBLE FIXED	ASSETS
					Fixtures,	Fittings &Equipment		Total
Group and Charity					1Aprg 2021	Additions	Disposals	31March 2022
					fONs	EOOOs	EONs	EOOOs
Cost					128	6	(37)	97
Depreciation					106	11)	36	81
Net book value					22	5	1	16
					1April 2020	Additions	Disposals	31March 2021
Group and Charity					f000s	6000s	f000s	EOOOs
Cost					140	10	(22)	128
Depreciation					123	13	20	106
Net book value					27	3	2	22
9(a) INVESTMENTS	AT MARKET VALUE					2022			2021
				Restdcted	Endowment	Tote I	Restricted	Endowment	Total
				Fllnds	Funds		Funds	Funds
Unlisted				fOSYs	f000's	EOSYs	f000's	EOIXYs	EOIXYs
Central Board of Finance ofthe Church of England			(CBF)
-Investment	fund			1,128	608	1,736	1,062	561	1,623
-Property fund				729	104	833	634	91	725
-Global Equity Income		fund			121	121		111	111
M&G Charifund				2,291		2,291	2,135		2 135
				4,148	833	4,981	3,831	763	4,594
Freehold Properties
Moreton Street SW1				2,450		2,450	2,450		2,450
School House, Johns Mews WC1				2,420		2,420	2,420		2,420
Half Acre, Brenfford	TWB			1,070		1,070	1,070		1,070
Bishops Avenue SW6				11,600		11,600	11,600		11,600
Fulham High Street,	SW6			3,400		3,400	3,400		3,400
West End Lane HW3				2,800		2,800	2,800		2,800
35Treadgold Street, W11				581		581	581		581
Friern Barnet Scout	Hut NW11			340		340	340		340
StJude's School, King Henry's		Walk N1		1,500		1,500	1,500		1,500
StJude's Cottages, King Henry's Walk N1				926		926	926		926
St Matthias School,	Bethnal Green (closed school)			4,024		4,024
13/14 Archer Street	Wl			3562	538	4100		538	4100
				34,673	538	35,211	30,649	538	31,187
leasehold Property
Long lease of land at Sunbury				90		90	90		90
Gymnasium at Sunbury				2,174		2,174	2,174		2,174
Less depreciation				116		116	91		91
				2,148		2,148	2,173		2,173
Investments at Market Value				40,969	1371	42,340	36,653	1301	37,954

					2022			2021
9(b) INVESfMENTS AT COST			Restricted	Endowment		Restricted	Endowment
			Funds	Funds	Total	Funds	Funds	Total
Ungated			6OOIYs	fOOIYs	f00(Ye	f000's	fONYs	EOGYs
Central Board ofFinance ofthe Church	of England	(CBF)
—Investment fund			367	50	417	386	50	436
-Property fund			526	75	601	526	75	601
-Global fqulty lncome fund				53	53		53	53
M&G Charifund units			2.083		2,083	2083		2083
			2,976	178	3,154	2,995	178	3,173
Property			6,823	262	7,085	6,823	262	7,085
Afi investments are held in the United	Kingdom.		9,799		10,239	9,818	440	10,258

	Group and Charity	Group and Charity	Group and Charity	repayments	2022		2021
					EOIYs		EBOO's
	underone	year			71		70
	onetofiveyears				310		299
	later than	five			995		1147
					1,376
11TRADE AND	OTHER DEBTORS				Group	Charity	Group	Charity
					2022	2022	2021	2021
Outstanding claims					EOIRYs	fNEYs	foifiys	fogiys
-Department	for Education		ik local authorities		6	6	102	102
Amounts due from schools					144	111	718	695
Trade debtors					173	173	86	86
Other debtors	(comprise	loans	to	employees)	4	4
					327	294		883
In 2021there was afair value			provision of691kset against a school debtor ofE809k;the amount				due was repaid in 2022.
12CREDITORS					Group	Charity	Group	Charity
					2022	2022	2021	2021
12(a)-Amounts	falling due within			one year	fOOIYs	EOIEYs	EOOIYs	EOOIYs
Trade creditors					1,818	1,802	2,921	2,893
Other creditors					19	19	29	29
Loan repayments					118	118	113	113
Accruals and deferred Income					4,082	3,860	3,610	3416
								6r462

12CREDITORS continued
	Group	Charity	Group	Charity
12(b)-Amounts falling due after one year	2022 EOOD's	2022 fOSYs	2021 EOOIYs	2021 fOSYs
Loan repayments
due within 1to 2years	124	124	119	119
due within 2to 5years	407	407	389	389
due thereafter	436	1436	1 78	1,578

13NOTES TO THE CASH FLOW STATEMENT
ReconclEation ofnet Income/(expenditure)	to net cash flow from operating cash activities	2022	2021
		fOOIYs	f000's
Net income for the year as per the Statement of Financial Activities		4,337	(1,008)
Depreciation charges		35	37
Losses/(Gains) on investments		(4,434)	640
Dividends, interest and rents from investments		(1,087)	(1,055)
Interest paid		111	116
(Increase)/ Decrease in debtors		670	2,069
Increase/(Decrease)in creditors		642	465
Net cash inflow/(outflow) from operating	activities	1010	334

15RESTRICTED FUNDS				Balance	Incoming	Resources	Resources	Resources	Resources	Transfers		Recognised	Balance
				1April 2021	Resources	Expended					gains/(losses)		31March 2022
				6000's	EOOD's			6000's		5000's		6000's	6000's
Schools Building Maintenance		Fund		720	1,915				(151)	(1,755)			729
PGCESCllT/School Direct Course				14						(14)
SoleTrustee Funds -see note		16(a)		36486	8141			9,535		1306		4455	40853
				37,220	10,056			9,686		463		4.455	41,582
				Balance									Balance
				1April 2020									31March 2021
Schools Building Maintenance		Fund		854	2,821				(142)	(2,814)			720
PGCE SCOT/School Direct Course				30	560				(576)				14
SoleTrustee Funds (see	note	16)		37,284	15,269			(17,873)		2,414		608	36486
				38,168	18,650			18,591		400	-	608	37,220
16SOLETRUSTEE FUNDS
				Balance	Incoming	Resources				Transfers		Recognised	Balance
16/eJRestricted Funds				1April 2021	Resources	Expended					gains/(losses)		31March 2022
												&fair value
												adjustments
				EOOO's	6000's			EOOO's		6000's		6000's	6000's
Uniform Schools Trust				31,383	7,880			(9,233)		1,337		398	31,765
City &Diocese ofLondon
Voluntary Schools Fund				2,120	112				(121)	(28)			2,083
David Greig Trust 1949					3					(3)
Uxbridge Lecturer's Fund				3	1								4
StJohn's School, Bethnal	Green			388	11				(31)			32	400
StJude &St Paul Mildmay Park				2,592	110				(111)				2,591
St Matthias's School Bethnal Green					24				39			4,025	4,010
				36	8.141			9 5		1,306		4,455	40,853
				Balance									Balance
				1April 2020									31March 2021
Uniform Schools Trust				31,004	14,864			(17,556)		2,591		480	31,383
City &Diocese of London
Voluntary Schools Fund				3,329	280				(160)	(174)		i1,155)	2,120
David Greig Trust 1949					3					(3)
Uxbridge Lecturer's Fund				2	1								3
StJohn's School, Bethnal	Green			335	11				(251			67	388
StJude &St Paul Mildmay Park				2,614	110				(132)				2,592
				BMJ!4	15,269			17,873		2FIL4		608	36A86
Transfers	to/(from)		Uniform Schools Trust comprise									2022	2021
Transfer ofsubscriptions				fram Schools Building Maintenance			Fund					766	950
Transfer ofdevolved			capital from Schools		Building Maintenance			Fund				989	1,864
Transfers	from	other	sale	trustee funds								32	177
Transfer from		Uniform Schools Trust to unrestricted funds										(450)	/400)
												1,337	2,591
				Balance	Recognised		Balance			Balance		Recognised	Balance
16(bjPermanent endowment		funds:		1April 2020 E000's	gains/(losses) E000's	31March 2021 1Aprg 2021 6000's 6000's					gains/(fosses) 6000's		31March 2022 6000's
City &Diocese ofLondon
Voluntary Schools Fund				1,254	(84)			1,170		1,170		59	1,229
Uxbridge Lecturer's Fund				16	4				20	20		2	22
David Greig trust 1949				BS	26				111	111		9	120
				1355	54				1	1 01		70	371

In its capacity as trustee ofa number ofschools the LDBS isthe owner	In its capacity as trustee ofa number ofschools the LDBS isthe owner	ofa number ofschool	ofa number ofschool	sites	No value is ascribed to these sites	No value is ascribed to these sites
					2022	2021
The LDBS is custodian trustee for:	Investments at		Market Value		EOSYs	ESKYs
Bartlett Legacy-St SavioursSchool, Poplar	CBF	Investment	Fund		3	3
St Paul's with St Michael's School, Haggerston	CBF	Deposit Fund			2	2
Latymer &All Saints School, Edmonton	CBF	Investment	Fund		22	20
Latymer &Afi Saints School, Edmonton	CBF	Deposit Fund			1	1
Holy Trinity School, Tottenham - Girls Green School Fund	COIF	Charities	Investment	Fund	60	55
					88	81

				Unrestricted	Restricted	Endowment	Tot aI
				Full dc	Funds	Funds
Income from:				6000's	1000's	E000's	E000's
Donations and grants				429	2		431
Charitable activities				796	17,GSG		18,452
Other tradinp actiwties				1,071			1,071
Investments				1	1,054		1,055
Other
Tot aI				2,297	18,712		21,009
Raising funds and investment		management			(Glg)		(610)
Commercial trading operations				(63G)			(636)
Chantable activities				(2,090)	l18,042)		(20,132)
Iotal				(2,726l	(18,652)		(21,378)
Net gains on mvestments					(585)	54)	(639
Net income/(expenditure)	before transfers			(429)	(525)	(54)	(1,008)
Transters between funds				400	(400)
Net income				(29)	(925l	(54)	(1,008)
Other recognised gains
Chanpe m Nir value provision		ofdebtors			(23)		(23)
Net movement in funds				(29)	(948)	(54)	(1,031)
Reconciliation of Funds
Fund balances at the beginning			ofthe year	592	38,1GB	1,355	40,115
Net movement in funds for year				(29)	(948)	(54)	(1,031)
Fund balances at the end	ofthe		year	563	37,220	1,301	39,084