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2024-03-31-accounts

LONDON DIOCESAN BOARD FOR SCHOOLS

ANNUAL TRUSTEE REPORT Including Strategic Report And Financial Statements

FOR THE YEAR ENDED 31 MARCH 2024

LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Company registration number: 00198131 Country of incorporation: England Charity registration number: 313000 Registered office: London Diocesan House 36 Causton Street London SW1P 4AU Secretary: Penny Roberts MBE Bankers: Barclays Bank plc Charities & Education Team Level 27 1 Churchill Place London E14 5HP Solicitors: Winckworth Sherwood LLP Minerva House 5 Montague Close London SE1 9BB Independent Auditor: HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG Investment managers: CCLA Investment Management Limited (except directly held property) The CBF Church of England Funds 85 Queen Victoria Street London EC4V 4ET M&G Securities Limited Laurence Puntney Hill London EC4R 0HH

The CBF funds are collective investment schemes regulated by the Church Funds Investment Measure 1958, as amended by the Church of England (Miscellaneous Provisions) Measure 1995 and the Trustee Act 2000. The CBF has delegated to CCLA Investment Management Limited, which is regulated by the Financial Services Authority, the investment management, administration and registration of funds.

M&G Securities Limited is the managing agent for Charities Investment Managers Limited – both companies are regulated by the Financial Services Authority.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

ANNUAL REPORT

As provided for in Statement of Recommended Practice, Accounting and Reporting by Charities (2019), the Directors have combined their Annual Charity Report with the statutory report required for companies. The report also provides information required by the Charity Commission to be included in the annual Summary Information Return.

INDEX PAGE
Foreword 4
Trustee report 5
Statement of Trustee responsibilities 29
Independent auditor's report 31
Consolidated statement of financial activities 34
Consolidated balance sheet 35
Charitable company balance sheet 36
Consolidated statement of cash flows 37
Notes to the financial statements 38

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

As the London Diocesan Board for Schools (LDBS) begins its 100[th] year as an incorporated charity I am reminded that we are custodians of a wonderful heritage and that, although so much of London life would be unrecognisable to our forebears, the challenges we face as educators, the purposes of the London Diocesan Board for Schools, and the Christian realities at the heart of our work, remain the same.

Then as now LDBS was charged with promoting Church schools and supporting them to provide high quality RE and Collective Worship. Then as now London was experiencing demographic changes with a falling birthrate and migration out of London leading to falling pupil rolls and school amalgamations and closures. Then as now it was a challenge to develop school buildings to provide the best possible learning environment. Then as now LDBS was passionate in advocating for the enduring role of Church schools at the heart of the education system in London.

Thank you for your interest in LDBS. As we look back over the last year there is much to celebrate. I hope you enjoy reading this Annual Report and are thankful as we are for the Lord’s goodness and grace. There are exceptional outcomes for pupils, inspiring projects and wonderful examples of children, adults and schools flourishing and finding joy even in challenging times.

Looking ahead, we see a range of opportunities and challenges. As you read, please pray with us that as life in London continues to change LDBS will remain a faithful servant to this generation of Church schools and the children and families that they serve.

I commend this Annual Report to you.

The Rt Revd Dr Joanne Grenfell Chair of LDBS Board

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Our 2030 Vision is for every young Londoner to experience the love of God in Christ through schools which:

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

1. LDBS Church Schools

There are 154 state-funded schools in the Diocese of London which have a designated Church of England religious character, referred to in this report as LDBS schools or church schools. As of January 2024, these schools were educating a total of 57,781 pupils.

London’s demography has continued to change rapidly. From a high point in 2017 the birth rate and net migration into London have been steadily falling, creating a significant surplus of school places in many London boroughs, especially within inner London. With the birth rate falling in much of the developed world and the changes we have seen in London now extending to cities around the UK this trend seems set to continue for the foreseeable future.

Many schools across London have reduced the number of pupils that they take into Reception classes, some have combined classes with children of different ages and, regrettably, some schools have closed because they are no longer viable. Our Church schools are not exempt from these pressures. There has been a 7% fall in the number of primary-age pupils attending a Church school since 2019-20. A London Councils report in January 2024 forecast a further London-wide fall of 6% by 2027-28. If these projections become a reality, it is inevitable that there will be further school closures, which could include Church schools.

A number of new Church secondary schools opened in the 2010s and, as a result, Church secondary pupil numbers have risen overall by 12% since 2019-20 as these schools have continued to fill. However, current demographic projections indicate that this year may be the high point, and secondary numbers are likely to fall and indeed are already falling in some boroughs. The London Councils report forecasts a further London-wide fall of 4.3% by 202728, and we are starting to see secondary schools reducing the number of children they admit. Approximately 80% of Church schools are maintained (Voluntary Aided with one Voluntary Controlled school) and the remainder are Academies.

Church schools in the London Diocese serve 57,800 young Londoners.

More than half of
pupils in our schools
have a Global Majority
Heritage.
Church schools areinclusive:they
have more primary children with a
recognised special educational need
than both the London and national
averages.
Church schools serve
pupils of Christian,
other faith and no faith
backgrounds.

Church schools serve some of the most deprived communities in the Diocese: there are more primary pupils registered for free school meals in Church schools than both the London and national averages.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

1.1. LDBS equips Church schools to offer a transformative education.

Church schools serve a diverse cohort of pupils who are representative of London as a whole. On average these pupils make more progress, and attain higher standards, than they would in other schools in London and nationally.

This is a tremendous achievement, and we congratulate our schools. Exam success is only one aspect of an excellent education, but what pupils achieve in school can transform the options that are open to them for their futures.

The tables below show the progress and attainment achieved by Year 6 and Year 11 pupils in Summer 2023.

Year 6 pupils (end of primary school) LDBS London National
Progress in reading 1.24 0.70 0.04
Progress in maths 1.45 1.37 0.04
Reaching expected standard in reading, writing and maths 70% 67% 60%
Reaching higher standard in reading, writing and maths 13% 12% 8%

A reading or maths progress score of 0 indicates pupil progress in reading or maths that is in line with the average rates of progression across the country. English and Maths progress scores for LDBS schools equate to the DfE ‘above average’ band and the top 20% nationally.

Year 11 pupils (the year pupils sit GCSEs) LDBS London National
Progress 8: the progress that pupils make in eight
subjects during their time at secondary school		 0.54 0.27 -0.03
Attainment 8: the GCSE grades that pupils achieve in
eight subjects during their time at secondary school		 55.8 50.6 46.3

A Progress 8 score of 0 indicates that pupils progressed at a rate in line with average rates of progression of other students across the country from Key Stage 2 (end of Year 6) to Key Stage 4 (end of Year 11) across eight subjects. A Progress 8 score of 0.54 equates to the DfE ‘well above average’ band and top 16% nationally.

The Attainment 8 score is calculated from the GCSE grades that students achieve in eight subjects. Each grade a pupil gets is assigned a point score from 9 (the highest) to 1 (the lowest). Each pupil’s Attainment 8 score is calculated by adding up the points for their eight subjects, with English and Maths counted twice.

The quality of the education that Church schools provide is inspected by Ofsted (the Office for Standards in Education) and inspection outcomes also reflect the effectiveness of Church schools in London. Whenever a school has an Ofsted inspection, parents are invited to complete a survey with their views about the school. It is particularly pleasing that parents whose children attend our Church schools in London are more likely than other parents to report that their child is happy at school, that the school makes sure that pupils are well behaved, that the school makes them aware of what their child is learning, that their child is doing well at school, and that they would recommend the school to other parents.

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LONDON DIOCESAN BOARD FOR SCHOOLS

ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
Primary School Ofsted Secondary & All-Through
Outcomes Spring 2024 Ofsted Spring 2024
120% 120%
100% 100%
80% 80%
60% 60%
40% 40%
20% 20%
0% 0%
LDBS London National LDBS London National
Outstanding Good Inadequate Requires Improvement
Requires Improvement Inadequate Good Outstanding
----- End of picture text -----

Ofsted reports also tell the same story of Church schools being places where pupils receive a transformational education.

“Leaders set high expectations, so that pupils behave extremely well, achieve highly and are ambitious for their futures.”

Twyford Church of England High School, Ealing, Ofsted October 2023

“Christ Church Primary provides an education for its pupils that is exceptional in every way… The curriculum goes well beyond national expectations so that pupils’ learning is both broad and deep.”

Christ Church Primary School NW3, Camden, Ofsted November 2023

“There is a palpable sense of passion and purpose in the way that teachers inspire pupils with a love of their subject.”

Lady Margaret School, Hammersmith & Fulham, Ofsted November 2023

1.2. LDBS equips Church schools to be places where people flourish

Across the country schools are reporting an increase in the number of children presenting with special educational needs, disabilities and poor mental health, and an increase in the complexity of these needs. Schools across London are reporting that the thresholds are rising for accessing additional support services for these pupils, at a time when schools own budgets are under significant pressure.

In this challenging context it is heartening that Ofsted and SIAMS (the Statutory Inspection of Anglican and Methodist Schools) reports speak of the many different ways that Church school enable children and adults to flourish.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

“The school is one big happy family. School leaders and staff work closely with parents and carers. Together, they strive to ensure that every pupil can thrive…. Staff said that leaders are considerate of their workload and welfare. They greatly appreciate the many opportunities they have to develop their careers. There is a strong sense of camaraderie, and staff retention is high.”

St Stephen’s School Hammersmith & Fulham Ofsted November 2023

“The school provides a nurturing environment and instils a strong sense of respect… The school’s vision to be both inclusive and to create lifelong learners is deeply embedded in daily school life.”

Bishop Perrin School, Richmond, Ofsted February 2024

“The school’s vision to balance excellence with compassion is placed at the heart of the school’s work. Pupils love coming to school… the rich curriculum that pupils receive results in them achieving exceptionally well and becoming strong, responsible and mature individuals.”

St Mary’s Church of England School, Richmond, Ofsted November 2023

“All at Soho Parish are encouraged to use their individual gifts and talents and are treated as unique individuals. This deeply embedded, nurturing culture cultivates a happy, inclusive environment at the school. Pupils are emboldened to be independent, confident learners.

Soho Parish Church of England Primary School, Westminster, SIAMS September 2023

1.3. LDBS equips Church schools to be ‘deeply Christian, serving the common good’.

SIAMS inspects the impact of the school’s theologically rooted Christian vision. Inspection reports from 2023-24 highlight many varied ways that the Christian vision of Church schools across London has a profound impact on the life of the school and the lives of its pupils and the wider community. The reports also highlight many examples of positive and mutually beneficial relationships between parishes and schools.

“Well established partnerships enhance and affirm provision, particularly with diocese and church. Both involve giving as well as receiving ‘life in all its fullness... the rhythm of inclusive and invitational collective worship lies at the heart of each and every day.’”

All Souls Primary School, Westminster, SIAMS October 2023

“The effectiveness of Dr Triplett’s as a Church school is greatly enhanced by mutually beneficial partnerships. The relationship with the local church is particularly rich and strong. This impacts positively on spiritual flourishing.”

Dr Triplett’s Church of England Primary School, Hillingdon, SIAMS November 2023

“Pupils have a strong sense of justice and their voice is truly heard here. Pupils see acts of service for each other and the wider community as integral to the school’s vision.”

St John’s School, Tower Hamlets, SIAMS February 2024

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

2. LDBS activity 2023-24

The ongoing and enduring success of Church schools in London speaks of the long-term impact of LDBS activity and fulfilment of the LDBS charitable objectives, which are to:

A range of LDBS activity is included in this section, to provide a snapshot of the year. Activity takes place under three LDBS ‘brands’: LDBS, Grow Education Partners Ltd and Teaching London.

Grow Education Partners Ltd is an LDBS subsidiary and our traded service. Teaching London is the operating name for our SCITT (School Centred Initial Teacher Training course). All Church schools receive bespoke support from LDBS that is specific to the needs of the school, and 75% of Church primary schools purchase additional support beyond the core service.

In the coming year we will be reviewing the way we characterise our activity. In 2023 and 2024 we described our activity as falling broadly into three types: advocacy, collaboration and school support. This report outlines a range of types of activity that we have undertaken during the year following this structure.

Advocacy

LDBS represents school concerns, promotes the interests of church schools and highlights the key difference they make to the education system.

LDBS provides the network through which individual schools, partnerships, federations Collaboration and trusts can work together to strengthen education.

LDBS offers bespoke support to individual School Support schools so that they can provide the best possible education for students.

2.1. LDBS advocates for schools

Whether to Ofsted, to Local Authorities, to the Department for Education or to the Church of England Education Office, this year LDBS officers have gone more than the extra mile to represent London Church schools and to advocate for them and their needs.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Building relationships takes time and the impact is often indirect and long-term rather than immediate, however we can point to issues that are now firmly on the regional and national agenda on which we have been active in the way we have represented Church schools, e.g.,:

2.2. LDBS supports collaborative projects.

LDBS is well placed to bring schools together from across the Church school family for projects and events that an individual school or trust could not run alone. We are also well placed to provide training and collaboration opportunities to teachers from across the Church school family. LDBS also has a key role in decisions about school organisation and formal collaborations.

This year we have published our Academisation Strategy. This is a pragmatic strategy which also deals with other formal school organisation structures (Partnerships and Federations). The strategy provides clear guidance to schools, and it sets out our expectations, to ensure that decisions which change the structure of the school estate are made in a collaborative and coherent manner. The strategy is already beginning to shape future school organisation and the decisions of the Regional Director.

We have been privileged to provide opportunities this year for Church schools to participate in projects across the whole family of Church schools, including:

The Globe project: This project has been offered throughout the year in partnership with the Diocese of London Racial Justice Group. A stunning globe is travelling around schools. We have provided education materials and questions that we hope will provoke thought, reflection, prayer, and creative responses. The success of the project means we will continue to run it in 2024-25.

St Paul’s Cathedral service: This service in January 2024 was arranged by Cathedral staff, with significant administrative support from LDBS. It was attended by more than 1500 people from more than 100 Church schools. More than 500 pupils participated in the service, with many visiting the Cathedral for the first time.

Prom Praise for Schools: This event took place in March 2024 in partnership with Langham Arts. 2,000 pupils sang in a massed choir. For many this was their first experience of the Royal Albert Hall let alone singing with so many others. It was an unforgettable experience for those who participated, with new Collective Worship songs and RE lessons to leave a lasting impact on schools.

“I was really grateful to be invited, pleased to go and hugely enjoyed and was encouraged by it.”

Prom Praise for Schools guest, March 2024

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Wren 300: This project was offered to Church schools throughout 2023 in partnership with the Wren 300 initiative from the Diocese of London. More than 4000 pupils visited a Wren church in the 300[th] year since his death. Further opportunities included a hands-on day for secondary school students to learn conservation crafts, and 100 pupils from 10 Church secondary schools joined 40 newly qualified engineers on a workshop day to recreate the Wren dome from St Paul’s Cathedral.

2.3. LDBS supports collaborative training and development.

LDBS is also privileged to have so many opportunities to influence the development of Church school staff at every stage of their careers. Highlights from this year include:

Residential headteacher conference: In October 2023 almost 60 Church school headteachers joined LDBS staff for an inspiring conference on the theme of authentic Church school leadership. In response to requests for opportunities for governors and clergy as well as school leaders we will be running a day conference in October 2024 on the theme of staff wellbeing, and plans are well underway for the next residential headteacher conference in March 2025.

“This year’s conference was the best I’ve been to… it was great to bring us back to the heart of what we do.” “A great space to talk, think and worship together.” “Inspiring speakers that impacted on my leadership and great to have time to talk to LDBS staff and space to think.” “Let’s never stop doing this.”

Headteacher feedback, October 2023

NPQ Delivery Partner: LDBS is appointed to deliver National Professional Qualification training to teachers across London who are interested in developing their knowledge and seeking progression into middle and senior leadership, and more than 100 teachers will complete an NPQ in 2024 through LDBS.

LDBS SCITT: Teaching London: In 2024 more than 70 trainee teachers successfully graduated from our Outstanding SCITT. In spite of national and regional teacher recruitment challenges, our biggest ever cohort started their training in September 2024 as the reputation of our SCITT grows.

The Platform: 14 middle leaders with a Global Majority Heritage completed The Platform in its first year. At least one has already secured a headship. We hope to build on the programme in 2024-25.

“Amazing and inspirational, thank you” “A safe space.”

Platform Participant Headteacher feedback, January 2024

Chaplains Network: Up to 50 school chaplains participate in this network which aims to equip school chaplains, to provide resources and ideas, and to provide a forum for sharing best practice.

“A powerfully great speaker.” “I had a great time and felt inspired.”

Chaplains Network Participants, October 2023

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

RE Leaders Network: All the 132 primary RE leaders are invited to regular training days for professional development and to ensure that RE is taught to the highest standard across the diocese.

“High quality training with a knowledgeable leader.” “Each step was broken down clearly and simply, helped those like me who are very new to RE.” “Thank you for a really insightful day.”

RE Leaders Network Participants, October 2023

2.3. LDBS provides bespoke support to meet individual school needs

LDBS provides a Core service to all Church schools which includes regular half day visits with a focus on school improvement and Christian distinctiveness. Schools can access a wide range of additional services depending on need. The breadth of our offer has developed over the last year. Support includes:

Christian distinctiveness: e.g., Theology 101 training for school staff, preparation for SIAMS inspection and attendance at feedback meetings, support for developing close relationships between churches and schools.

“…great feedback about one of your staff members doing a brilliant Theology 101 session.”

Theology 101 training, April 2023

People & Culture: e.g., support for all senior leadership appointments, mentoring for new heads and those new to Church schools, staff recruitment, headteacher appraisal, conflict resolution, and all aspects of Human Resources support e.g., grievances, staff restructure, disciplinaries, investigations, complaints.

“…I would just like to let you know how hugely helpful [they have] been throughout this whole process which has been gruelling. I did want you to know how much I have valued the help and advice."

Support from the People & Culture team, February 2024

School improvement: e.g., Safeguarding reviews and curriculum subject reviews, preparation for Ofsted and attendance at feedback meetings, support in relation to pupils at risk of exclusion.

“It’s the relationships with staff that shine through.”

School improvement support, May 2023

Governance: e.g., training and support for governors including attendance at governor meetings, admissions policy consultations, formal support for Partnership review and for establishing Federations and supporting Academy conversion.

“thank you for last night’s training. This was without doubt one of the best training sessions I have ever attended as a governor.”

Exclusions training, September 2023

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Operations: e.g., budget advice and consultancy, School Condition Allocation programme for meeting the essential maintenance needs of VA schools, data protection services. RAAC (Reinforced Autoclaved Aerated Concrete) is a type of porous concrete widely used in schools from the 1950s to the 1990s. In September 2023, in response to a concern about the potential for sudden collapse, DfE decided that schools could no longer be occupied if they were built with RAAC. This has absorbed significant amounts of officer time and resource this year in respect of the two Church schools which have RAAC and the survey of all other settings to establish if they had RAAC.

“On behalf of the governors, thank you for sorting this out so quickly. We are very grateful to you all for fitting this job in so quickly and doing it so well.”

Emergency building repair, January 2024

Communications: e.g., crisis management, communications and marketing support.

“Thanks again for a brilliant course. Thank you for having the vision to look at training courses a little differently – certainly haven’t been on anything like that before.”

Presentation Skills Course, February 2024

3. LDBS Governance

3.1. Trustees

The London Diocesan Board for Schools was incorporated as a Company Limited by Guarantee on 22 May 1924. It is a registered charity (charity number: 313000). The 2021 Diocesan Boards of Education Measure, the 2021 Diocese of London Diocesan Board of Education Scheme and the Articles and Memorandum of Association set the parameters for activity. Although LDBS is a separate charity, it fulfils the statutory duties placed on the Diocese of London in respect of children’s education.

LDBS Trustees are appointed by the Bishop of London on the recommendation of a Nominations Committee, with committee members drawn from the Diocesan Synod and LDBS trustees.

The LDBS Board comprises eleven or twelve trustees, chaired by an Area Bishop. The Board is diverse, with appointments based on skills, experience and a commitment to the vision and work of LDBS. Trustees are appointed to a four-year term and step down for at least two years once they have served two terms.

The Board meets at least five times each year to set vision, strategy and budgets, to monitor risk, and to review progress.

Board members are Company Members, Directors and Trustees. Their liability is limited to £1 in the event of the winding up of the company.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Trustee Other relevant roles Term of
office end
date
Rt Revd Rob Wickham
Chair of the Board
Until 31.12.23		 Bishop of Edmonton (until June 2023)
CEO Church Urban Fund (from July 2023)		 Until 31.12.23
Rt Revd Dr Joanne The Bishop of Stepney Ex Officio
Grenfell
Lead Safeguarding Bishop, Church of England
Chair of the Board
Trustee, Woodard Corporation
From 01.01.24
Paula Aitcheson-Walker Headteacher, Christ Church CofE Primary School NW1,
Camden
LDBS Adviser		 31.12.25
(First term)
Stephanie Ajayi Chair of Governors, The Blue CofE Primary School, 31.12.25
Hounslow
(First term)
Diocese of London Racial Justice Priority Group
Chair of Hounslow School Appeal Panel
Catherine Allard Headteacher, John Keble CofE Primary School, Brent 31.12.25
(Second term)
Revd. Stephen Coleman
Vicar, St Peter’s Church, Grange Park (until November		 31.12.24
2023)
(Second term)
Priest-in Charge, The Grosvenor Chapel (from
November 2023)
Trustee, The Wren Academy Trust
Governor, St Paul’s CofE Primary School, Winchmore
Hill (until November 2023)
Chair of Governors St Georges Hanover Square CofE
Primary School Westminster (from July 24)
Trustee, Ecclesiastical Law Society
Honorary Research Fellow, St Stephen’s House, Oxford
Fr. Richard Collins
From 01.01.24		 Vicar, Christ the Saviour Church, Ealing
Governor, Christ the Saviour School, Ealing		 31.12.27
(First term)
Monica Duncan Headteacher, Duke Aldridge Academy 31.12.27
Trustee, St Luke’s CofE Primary School, Camden (Second term)
Simon Judge
Vice Chair of the Board
until 10.07.24		 Trustee, Kemnal Academy Trust
Trustee, The City Literary Institute		 31.12.25
(Second term)
Revd. Matthew Knox Chaplain, St Paul’s School 31.12.27
From 01.01.24 (First term)

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Trustee Other relevant roles Term of
office end
date
Revd. Nicholas Pye
Until 31.12.23		 Vicar, St Paul’s Church, Finchley
Governor, St Mary’s C of E Primary School, Finchley		 Until 31.12.23
Revd. William Rogers Vicar, St Matthew’s Church, Fulham 31.12.24
Vice Chair of the Board (First term)
from 10.07.24
Carla Munoz Slaughter Chair of Governors, St Cuthbert and St Matthias CE
School		 31.12.24
(First term)
Zoe Vickerman Governor, St Mary Abbott CofE Primary School (until 31.12.24
November 23)
(First term)
London Diocesan Synod member
31.7.24
Governor, St Pauls Primary School W6
25.2.28
Trustee, Ad Omnia Renovanda
24.6.26

This year we welcomed the Rt Revd Dr Joanne Grenfell as the new LDBS Chair. She was appointed by the Rt Hon and Rt Revd Dame Sarah Mullally DBE after our previous Chair, the Rt Revd Rob Wickham, stepped down as Bishop of Edmonton. We also said goodbye to the Revd. Nicholas Pye as Trustee and welcomed the Revd. Matthew Knox and Fr. Richard Collins.

We are grateful to Bishop Rob and to Nicholas for their faithful service as trustees, for their contribution to establishing the new board in 2022 and 2023, and for their unwavering commitment passion for Church schools in the diocese.

In addition, a further ten people have been co-opted by trustees to committees.

Looking ahead, four trustees come to the end of their term at the end of 2024. Revd. William Rogers, Carla Munoz Slaughter and Zoe Vickerman have been reappointed for a second term. Revd. Stephen Coleman is coming the end of his second and final term. We are grateful for his significant contribution through a period of transition for LDBS and recruitment is underway for his successor.

We are always keen to hear from people who may be interested in being a trustee or serving on a committee or working group.

3.1. Trustee Interests

LDBS is a company limited by guarantee and members may derive no benefit, income or capital interest in the Board’s financial affairs other than as reimbursement of out-of-pocket expenses. Note 5(d) to the Financial Statements, on page 29, sets out the total of expenses, if any, reimbursed to trustees.

3.2. Training and Induction of Trustees

Trustees are appointed on the basis of skills and experience and as a group they provide a tremendous depth and breadth of knowledge relevant to the work of LDBS, confirmed by a skills audit carried out at the time of appointment. LDBS will always welcome opportunities to strengthen the board further, and the overall skills balance will be considered in making future trustee appointments and committee co-options.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

During 2023-24, trustees have been offered a range of training and development activities. Trustees are expected to maintain current safeguarding training.

3.3. Volunteers

LDBS does not make direct use of volunteers in delivery of the core service.

3.4. LDBS Committees

3.4.1. Education Committee

Members: Alero Abbey (Vice Chair, co-opted), Catherine Allard (Chair, trustee), Rev Matthew Knox (trustee), Victor Selvaraj (co-opted), Zoe Vickerman (trustee), Rev Nicholas Pye (trustee) (until Dec 2023)

The Education Committee met three times in 2023-24 to determine and monitor educational policy, especially in relation to: the religious education, collective worship and the Christian distinctiveness of Church schools; school improvement; the LDBS School Centred Initial Teacher Training course; and City & Diocese Grants.

In previous years Trustees appointed a City & Diocese Grants Fund Panel to allocate grants for educational purposes to young people under the age of 25 who have attended a Church of England School in the Diocese for at least two years. The Panel met three times each year and reported to the Education Committee. In 2024 Trustees delegated this function to officers on the basis of a transparent policy and embedded processes, and subject to regular ongoing reporting and scrutiny.

3.4.2. Governance Committee

Members: Paula Aitcheson-Walker (trustee, Chair until August 2023), Rev Stephen Coleman (trustee, Chair from September 2023, Vice Chair previously), Lyn Meadows (co-opted), Carla Muñoz Slaughter (Vice Chair from September 2023), David Richards (co-opted) (until April 2024).

The Governance Committee was established in January 2022 in recognition of the significant work that was needed to develop the process for recruiting and appointing LDBS governors, and to monitor the role that LDBS plays in developing the quality of governance in Church schools. The committee met three times in 2023-24.

Governance Committee members also served on the Governor Appointment Panel. The Panel met monthly to make LDBS appointments to governing bodies, trust boards, SACRE committees, LA scrutiny panels and other bodies to which the LDBS appoints. In November 2023 the Committee approved, for the first time, a written Appointments Policy which provides the transparency and clarity to enable Trustees to delegate the appointments process to officers, subject to regular ongoing reporting and scrutiny. The time taken to appoint governors has been reduced and the vacancy rate has begun to fall.

Trustees will be reviewing the need for a separate Governance Committee in 2024-25 in the light of LDBS support for governance being better understood and established, and a clear policy being in place for the appointment to schools and Academies of LDBS governors and trustees.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

3.4.3. Operations Committee

Members : Stephanie Ajayi (Chair, trustee), Richard Brown (co-opted), Anthony David (coopted), Alen Ong (co-opted from May 2023) Michael Poulard (co-opted from May 2023), Rev William Rogers (Vice Chair, trustee), Rt Revd Rob Wickham (trustee, until December 2023), Rt Revd Dr Joanne Grenfell (trustee, from January 2024), Fr Richard Collins (trustee, from January 2024).

The Operations Committee met four times in 2023-24 to determine policy and monitor financial, property and HR matters. Significant business has included the changes to support staff pensions, oversight of RAAC projects and the SCA programme, decisions about investment properties, a move from a one- to a three-year budget and the change of the accounting treatment of the School Condition Allocation funds to remove them from the Charitable Activities; the reason being that these funds are restricted funds which are held on trust for schools and which belong to schools rather than LDBS, and if they are not utilised they are repayable to the DfE.

The Committee also reviewed the options for the pension arrangements for staff not enrolled in the Teachers Pension Scheme following the decision of the Church Workers Pension Scheme to consult on the closure of the Defined Benefits Scheme. A new scheme was agreed as a Defined Contributions Scheme run by CWPS.

3.4.4. Risk & Audit Committee

Members : Adrian Barrett (Vice Chair, co-opted), Simon Judge (Chair, trustee), Elizabeth Marshall (co-opted), Monica Duncan (trustee, until March 2024)

The Risk & Audit Committee provides an independent view of the Board’s financial affairs, internal controls and risk management. It met three times in 2023-24 and in addition to oversight of the external audit process and the approach to risk management, the committee provided internal scrutiny relating to contractor recruitment and management.

3.4.5. Standing Committee

The Committee Chairs, together with the Chair and Vice Chair of the Board, form a Standing Committee. Meetings of the Committee can be called to consider matters of an urgent nature which cannot wait for consideration by the Board, to ensure that decisions can be made in a timely manner. The Standing Committee met three times in 2023-24. Meetings, their business, and any decisions taken, are reported back to the full Board at its next meeting.

3.4.6. Nominations Committee

Members: Four LDBS Trustees (usually the committee chairs) and two representatives of the Diocesan Synod (the Chairs of the Houses of Laity and Clergy or their representatives).

The Nominations Committee meets between July and November of any year in which a trustee vacancy is anticipated. The committee leads the recruitment process for new trustees and makes recommendations to the Bishop of London for her appointment. The committee met in 2023 and recommended two trustees for a second term and one trustee for a first term. It has met in 2024 to recommend the reappointment of two trustees for a second term, and it has begun the process of recruiting one trustee to replace Revd Stephen Coleman who is coming to the end of his second term.

3.4.7. Grow Education Partners Ltd

The Grow board meets three times each year to review the activities of Grow Education Partners Ltd. Grow is a wholly-owned subsidiary of LDBS and the majority of directors are LDBS employees.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Directors: Andrew Garwood-Watkins (Chair, employee), Adeola Oledejo (co-opted), Helen Ridding (Managing Director, employee), Penny Roberts (Vice Chair, employee), Dee Thomas (until December 2023, employee), Monica Duncan (trustee, from March 2024).

3.4.8. Working Groups

Trustees periodically establish task-and-finish groups to enable rapid progress on specific issues, or careful monitoring of specific projects. These groups have no delegated authority to make decisions; recommendations are reported to trustees for consideration. There were no working groups in 2023-24.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

4. Financial Report

4.1. Overall Financial Health

Education **UST1 ** City & **SBMS2 ** Others Endowment TOTAL TOTAL
Diocese capital 2024 2023
£000 £000 £000 £000 £000 £000 £000 £000
School subs 645 - - 887 - - 1,532 1,474
and sales
Grow 911 - - - - - 911 972
Education
sales and fees
Teaching 773 - - - - - 773 932
London
Donations and 560 - 20 - - - 580 559
grants inc. LDF
Investment 20 2,242 - - - - 2,262 1,576
income
Reimbursemen 61 - - - - - 61 66
t from schools
Other - 317 - - - - 317 -
Charitable
income
TOTAL 2,970 2,559 20 887 - - 6,436 5,579
INCOME
LDBS (2,503) - - - - - (2,503) (2,179)
SCITT (831) - - - - - (831) (836)
Grow (910) - - - - - (910) (577)
Education
Charitable - (1,813) - (570) - - (2,383) (1,867)
activities
TOTAL (4,244) (1,813) - (570) - - (6,627) (5,459)
EXPENDITURE
Operating (1,274) 746 20 317 - - (191)
120
Surplus/(Defici
t)
Transfers 1,274 (1,274) - - - - - -
between funds
Other charges - (35) (518) - 518 92 57 577
Net movement
-		 (563) (498) 317 518 92 (134) 697
in funds
Opening - - - - - 1,329 1,329 1,371
endowment
capital
Closing - - - - - 1,421 1,421 1,329
endowment
capital
Net movement
-		 - - - - 92 92 (42)
in endowment
capital

1 Uniform Statutory Trust, see explanatory note in 4.3 below

2 School Building Maintenance Scheme, see explanatory note in 4.3 below

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LONDON DIOCESAN BOARD FOR SCHOOLS

ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Opening 559 33,425
5,707
5,707		 632 2,557 1,329
44,209
43,512
reserves
Closing 559 32,862
5,209		 949
3,075		 1,421
44,075		 44,209
reserves
Balance Sheet
City & Endowment TOTAL TOTAL
Education UST Diocese
SBMS		 Others
capital		 2024 2023
Tangible fixed
assets 27 - - - -
-		 27 9
Property - 30,519 5,139 - 2,426
-		 38,084 37,714
Investments - 2,585 - -
384		 1,421 4,390 5,182
Total 27 33,104 5,139
- 2,810
1,421		 42,501 42,905
Current assets 698 10,376 231
1,065
1,438		 - 13,808 10,665
Liabilities (166) (10,618 (161) (116)
(1,173)
-		 (12,234) (9,361)
Net current
assets		 559 32,862 5,209 949
3,075
1,421		 44,075 44,209

There was a net outflow of funds for the year of £0.1m which decreased the net assets of LDBS to £44.1m.

Cash balances increased to £9.9m which £1.7m represents deposits received from schools in advance of expenditure for building maintenance. Cash balances also include £4.2m of School Condition Allocations and £1.2m of Devolved Capital which has not yet been committed to building projects.

Net current assets exceed long term creditors by £4.9m (2023 £5.8m).

All investment properties are now fully let including Archer Street which was let at the end of 2022. This will improve the overall income and return on the portfolio.

Trading activities achieved sales of £911k (2023: £970k) which produced a surplus of £1k. This differs from a distribution to LDBS of £395k in 2023.

4.2. Unrestricted Funds

Unrestricted funds can be used to meet all costs including central costs and costs in furtherance of the charitable objectives. The Education fund and Grow Education Partners are the unrestricted funds of the LDBS.

Unrestricted Income and Expenditure: LDBS & Grow Education Partners Ltd

LDBS earns income from subscriptions and services provided to schools directly, through Teaching London or through its trading subsidiary, Grow Education Partners Ltd. These sources of income cover 64% (2023: 67%) of expenditure with the remainder provided by grants from the London Diocesan Fund and the Uniform Statutory Trust, for which LDBS is sole trustee.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Group unrestricted income 2024 2023
£000's £000's
LDBS School subscriptions and sales 645 565
Grow Education sales and fees 911 972
Teaching London 773 932
London Diocesan Fund 560 538
Interest income 20 36
Reimbursement from schools 61 50
2,970 3,093
Group unrestricted expenditure
LDBS 2,503 2,179
Teaching London 831 836
Grow Education 910 577
4,244 3,592
Group operating deficit (1,274) (499)
Grant from Uniform Statutory Trust 1,274 499
Transfer from SCITT restricted fund ~~-~~ ~~-~~
Net movement in unrestricted funds ~~-~~ ~~-~~

Any surplus balance from Grow Education Partners Ltd is gift aided to LDBS and this resulted in a distribution of £1k (2023: £395k).

4.3 Restricted Funds

Restricted funds are to be used for specified purposes laid down by the donor / granting body. LDBS currently operates three restricted funds:

Uniform Statutory Trust

The Trust was established under Section 557 of the 1996 Education Act to hold the assets of schools which had been closed. LDBS is the sole trustee and must apply capital and income towards the provision of advice, guidance and resources in connection with any matter related to the management of, or education provided at, any relevant school in the Diocese. It is also allowed to apply income to school sites and buildings.

Investment income is derived from letting former schools and other investment property to third parties. Rents increased from £946k to £1.1m; £247k rent of the former St Matthias Primary school in Bethnal Green has been brought into the year. Consequently, the Uniform Statutory Trust increased its grant to the Education Fund from £499k to £1,274k. With an unrealised gain on pooled investment funds of £453k and £4.1m gain under S554 transfer of the former St Matthias Primary school property into the Trust, this resulted in a surplus of £4.6m for the year. The Uniform Statutory Trust ended the year with resources of £37.2m.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

City and Diocese of London Voluntary Schools Fund

LDBS is the sole trustee of this fund which may provide grants to schools for maintenance of school premises and to young persons under the age of 25 years who have for at least two years at any time attended a Church of England school in the Diocese of London.

The Charity is registered for VAT and holds two properties where VAT is chargeable on rents; the charity also owns some pooled investment funds.

Following a lengthy marketing period the property at Archer Street has been let for a term of three-years.

The gymnasium built adjacent to Bishop Wand School, Sunbury, is let to Spelthorne Gymnastics with the School having use of parts of the building during school hours. The Club has continued to pay rent and make loan repayments which allowed the Charity to pay interest on the £900k borrowed from the Uniform Statutory Trust for this facility.

The pooled investment funds held as part of the permanent endowment provide the income that funds grants for disadvantaged pupils mainly in respect of school trips. Investment income of £20k is set aside for grants. The Charity has awarded grants of £24k to compensate for some of trips cancelled by schools during 2021 and 2022 due to Covid-19.

At the end of March 2024, the valuation of Archer Street increased from £4.1m to £4.25m.

The net worth of the City & Diocese Fund at the end of March 2024 is £2.0m (2023: £3.3m) with the permanent endowment value remaining level at £1.3m and the accumulated surplus on unrestricted funds at £0.7m.

Schools’ Building Maintenance Scheme

LDBS operates a buildings maintenance scheme for the governors of Voluntary Aided schools who are required to fund 10% of repairs and improvements to their buildings. The fund receives subscriptions from schools.

School Balances brought forward
School subscriptions
Interest income
Expenditure
Contributions to building projects
School Balances carried forward		 2024
2023
£000's
£000's
632
729
887
909
-
-
1,519
1,638
(107)
(167)
(463)
(839)
949
632

The balances brought forward represent school subscriptions brought forward and would be sufficient to fund the planned programme for maintaining schools irrespective of any delays in schools making their 10% contributions.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

5. Public benefit

LDBS trustees have considered the guidance provided by the Charity Commission and concluded that the Charity provides identifiable public benefits.

The Charity’s activities are directed towards the promotion of Christian education and in particular the promotion of Church of England Schools within the Diocese of London. All these schools provide free public education and are themselves recognised charitable bodies. Some Church schools are Academies. Academies are charities in their own right and, for most Church Academies, LDBS is a Member of the Academy Trust.

57,000+ children and young people are educated in these schools with pupils drawn from a wide variety of backgrounds and faiths. Church schools in London are diverse and inclusive places, reflecting the overall population of London.

The account of the Board’s activities for the year shows that its resources and staffing are directed towards supporting and developing Church of England schools so that they provide a high quality of education for their pupils. Where a school encounters difficulty or is vulnerable, the LDBS is proactive in supporting that school.

6. Relationships with other bodies

6.1. Related Parties

6.1.1. Voluntary Aided and Voluntary Controlled Schools

Each voluntary aided school and voluntary controlled school has its own governing body with separate charitable status. LDBS appoints a minority of the governors to the governing body of any school and as such these schools are not related parties.

Several individuals who are either trustees, committee members or key management personnel are also members of academy trusts and multi-academy trusts within the Diocese of London. The extent of the relationships are limited to being members in company law and do not in themselves create related parties under FRS102. Where specific circumstances lead to a related party relationship existing then the disclosures are set out in this note

6.1.2. Academies

For any Single or Multi-Academy Trust where LDBS is a Member, LDBS is treated by ESFA as a related party. Services that can only be delivered by the diocese are deemed as meeting the ‘at-cost’ requirement and delivered through the Core Service. Trusts should seek prior approval from ESFA when the relevant financial thresholds are reached.

In 2023-24 LDBS provided in-kind benefits to the St Mary Magdalene Academy to the value of £238k through the use by the Academy of the former Clerkenwell school buildings. In addition, LDBS has provided services to them of £28,681.

In 2023-2024 LDBS provided services to the LDBS LAT 1 of £155,616

In 2023-2024 LDBS provided services to the LDBS LAT 2 of £30,170

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

6.1.3. The Diocese of London

LDBS is an independent charity, but we share the 2030 Vision and work closely with the wider diocese.

The London Diocesan Fund (LDF) is the body corporate for the Diocese of London and as such is a related party to LDBS. Some LDBS Trustees are employed by LDF or serve on the Bishop’s Council, Diocesan Synod or another diocesan committee.

The LDF makes an annual grant and provides LDBS with accommodation at London Diocesan House. The provision of accommodation and other support for payroll and information technology is treated in the financial statements as a donation in kind. Total support from the Diocese amounted to £558k (2023: £538k) with a cash element of £171k (2023: £171k).

6.2. Relationships with other stakeholders

LDBS takes seriously its responsibility to co-operate with other bodies concerned with education in the Diocese of London and beyond, including communication, dialogue and/ or partnership with:

6.3 Relationships with other Trusts/grant making bodies

LDBS appoints a minority of trustees to the Burlington Danes Educational Foundation, Greig Trust, St Clement Danes Educational Foundation and the Blue School Educational Foundation. LDBS is not a beneficiary of any of these trusts.

7. Policies

LDBS has a full set of policies and Trustees have agreed a review schedule to ensure that they are each reviewed in a timely and sustainable way, for content, effectiveness and compliance. Review dates are brought forward if there are changes to the statutory or advisory frameworks in which LDBS operates, or if trustees or employees raise a concern.

7.1. HR Policies including remuneration

This suite of policies benefitted from minor update in 2022 and a fuller review over the Summer 2024. LDBS employs staff on terms comparable to those working in schools; in particular, the national teachers’ pay scale and the pay scales used in schools for support staff.

7.2. Safeguarding Policy

LDBS Trustees approved the current Safeguarding Policy in March 2022, having regard to the 2022 Guidance from the House of Bishop’s ‘Guidance for Diocesan Boards of Education: Identifying Safeguarding Serious Incidents and Reporting to the Charity Commission’ .

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

7.3. Finance Policies

7.3.1. Reserves Policy

A refreshed Reserves Policy was approved by trustees in March 2024. For 2023-24 the agreed minimum reserve, based on three months’ salary and consultant costs, was £607,000. On 31 March 2024 the reserve was £1,465,537. Pending the review of the investment strategy and the high levels of interest receivable on deposits LDBS have decided to hold deposits at this time.

7.3.2. Investment Policy

A refreshed Investment Policy was approved by trustees in March 2023. The objective is to provide a stable, long-term income stream to LDBS to enable us to provide predictable and transparent levels of support to schools. The policy will be further developed during 2024-25 as LDBS seeks to align medium- and long-term service aspirations with workstreams, brands and financial and legal structures.

Approximately 94% of net capital resources are held in property and 6% in cash. At 31 March 2024, all properties were let. With investment properties valued every five years, total return for each year is not calculated.

The overall return on the pooled investment funds was 5.3% (2023 -2.6%) with income providing 3.2% (2023 4.2%) and capital appreciation of 2.13% (2023: -2.6%) investments performed in line with expectations.

8. Looking ahead – risks and priorities

8.1. Priorities for 2024-25

We are cognisant of the need to be custodians of our heritage. May 2024 marked 100 years since LDBS was incorporated as a charity. Minutes of meetings from the 1920s tell of an education sector that is both unrecognisable and utterly familiar. A fall in the birthrate following the end of the first World War, school buildings that were no longer considered fitfor-purpose, and the migration out of London, add up to a familiar set of challenges!

There has been a 7% fall in the number of primary-age pupils attending a Church school since 2019-20. A London Councils report in January 2024 forecast a further London-wide fall of 6% in primary schools and 4.3% in secondary schools by 2027-28. Together with financial challenges faced by many schools and increasing numbers of children with complex mental health and other needs, this is a challenging season for educators.

Where governing boards are concerned about the future sustainability of schools, we will work with them to consider alternative organisational structures that may provide additional stability. We urge governing boards not to wait until it is too late, there are too few children attending the school or it becomes impossible to set a balanced budget, to consider change.

Any school closure is incredibly painful for the school, Church and wider community but we recognise that, sadly, some governing boards may not be able to set a balanced school budget which leaves few options but to decide to consult on closure.

School amalgamations, closures and reorganisations have been part of the rhythm of education in London for the last 100 years and are not in and of themselves a risk to the sustainability of LDBS. As we look ahead to 2024-25, we aim to approach the challenges faced by today’s Church schools with the same resilience and creativity as LDBS trustees and officers showed in the 1920’s. We draw hope from these lessons of history.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

A rapidly changing education sector will always mean that LDBS needs to be alert and responsive if it is going to stay on the ‘front foot’. Significant LDBS time and resource is required to provide appropriate support to a school that needs to close, amalgamate or be part of a wider reorganisation of provision and this is a priority for 2024-25.

As we begin to work through the implications of the new government’s priorities, the forthcoming changes to the Ofsted inspection framework and the rapid adoption of Artificial Intelligence software throughout the sector (and beyond), LDBS is also cognisant of potential changes in the wider education system. We will seek to collaborate with any organisation that has children’s interests at its heart, and we recognise the importance of being an outwardfacing organisation and speaking into the wider context to advocate for and promote Church of England education in London.

Two LDBS Church schools have been identified as containing RAAC (Reinforced Aerated Autoclaved Concrete). One is planned to be partially rebuilt during 2024-25. The other has been accepted into the School Rebuilding Programme as a Category A school and it is envisaged that this will be remediated/ rebuilt in the next 3-5 years. These projects will take significant LDBS time and resource.

Internally there has been a lot of change at LDBS and this will continue for 2024-25 and beyond. Our priorities are to make sure that in all our activity we are equitable, consistent, and that we made evidence-based decisions.

We have made good progress in our work to update our internal systems and processes. LDBS is a complex organisation, but it does not need to be complicated so in 2024-25 we plan to begin to align different elements of the organisation: our workstreams, the different ‘brands’ under which we operate, and our legal and financial structures. We anticipate a further reframing of the LDBS Core Service, Grow traded services and Teaching London.

8.2. Strategic and operational risks

The LDBS risk register lists the main operational risks faced by the organisation. It is a helpful management tool and the full list is reviewed annually by the Risk & Audit Committee. This enables the Committee to be assured that significant risks are appropriately identified and managed. It also enables the Committee and LDBS leadership team to identify those areas where specific scrutiny activity would be beneficial for the ongoing development of the organisation. For example, in 2023-24 a more detailed review of contractor recruitment, onboarding and payments was undertaken.

LDBS trustees identified six overarching strategic risks for 2023-24 along with appropriate mitigations:

The risks and the effectiveness of the mitigations are allocated for scrutiny either to the main board or to a committee, and they are monitored termly.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

8.3. Compliance risks

The Risk & Audit Committee takes a risk-based approach to internal scrutiny. The focus for the Committee in 2023-24 is the development of our approach to contractor recruitment and management.

Regular CPD for staff and a planned policy review schedule alert officers to emerging risks and upcoming legislative or regulatory changes.

8.4. Financial risks

The three biggest financial risks in the LDBS budget are:

These are mitigated through cautious budget assumptions and scenario planning.

For routine maintenance projects for school buildings, the Education and Skills Funding Agency provides School Condition Allocations (SCA) grant funding quarterly and Devolved Formula Capital (DFC) annually in May. As funding is received before payments are made to contractors, there is an active management of surplus balances. LDBS maintains adequate liquidity so as to be able to pay contractors in accordance with the terms of their building contracts should grant funding be delayed for some reason.

LDBS invests surplus monies in short-term variable rate deposits and is thus exposed to counterparty risks; The Central Board of Finance of the Church of England which holds most of the LDBS's surplus funds adopts a conservative policy in this regard.

The LDBS invests a portion of its long-term capital in pooled investment funds and in property investments. It is recognised that this exposes the LDBS to market price risks and investment decisions are made with a five-year time horizon such that realizations in the short term, when prices might be exceptionally low, would not need to take place.

The financial and sustainability challenges faced by some schools do not in themselves represent a significant financial risk to LDBS as schools and academy trusts are separate legal entities from LDBS and from each other. However, as the needs of schools’ change the LDBS service also needs to change to ensure we provide a cost effective and affordable service that meets schools’ needs.

8.5. Reputational risks

LDBS is always at risk of reputational damage because ultimately Church of England schools are responsible for their own decisions and actions.

By way of mitigation, by monitoring the risks that schools face as well as the risks faced by LDBS we hope to intervene and support wherever possible to ensure that, for example, schools have successful Ofsted and SIAMS outcomes. LDBS works with a communications specialist to ensure that an appropriate public response can be made if necessary.

9. Taxation status

LDBS is a registered charity and as such can take advantage of exemptions granted under The Corporation Tax Act 2010. It is not liable to corporation tax on charitable income or income from charitable activities.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

10. Ultimate undertaking

The accounts accompanying this report have been prepared on the basis that LDBS is the ultimate undertaking. However, attention is drawn to the relationship with the Diocese of London mentioned above.

11. Statement of Trustee responsibilities

LDBS Trustees are also Directors for the purposes of company law. They are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS102 in the United Kingdom and Republic of Ireland.

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the Trustees are required to:

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

The Trustees confirm that in so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

It is the view of the Trustees that the company is a going concern as the assets are available and adequate to fulfil the obligations of the charity and that the accompanying financial statements comply with the Companies Act 2006, the Charities Act 2011, and the Charities SORP FRS (102).

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

12. Auditor

HaysMac LLP has expressed willingness to continue in office. In accordance with Section 487(2) of the Companies Act 2006 a resolution to reappoint Hays Macintyre LLP was passed at the Trustees’ meeting held on 02 October 2024.

The Trustees’ Annual Report (including the Strategic Report) was approved by the Board on 02 October 2024.

On behalf of the Board

Rt Revd Dr Joanne Grenfell 02 October 2024

Chair of LDBS Board London Diocesan Board for Schools

Company number 00198131

Registered Office: 36 Causton Street, London SW1P 4AU

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Independent auditor’s report to the members of London Diocesan Board for Schools

Opinion

We have audited the financial statements of London Diocesan Board for Schools for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charitable Company Balance Sheets, the Consolidated Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

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

As explained more fully in the trustees’ responsibilities statement set out on page 24, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but, is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures can detect irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and the Charities Act 2011 and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered other factors such as income tax, payroll tax and sales tax.

Page 32

LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and concluded that the risk was low. Audit procedures performed by the engagement team included:

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 likely 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 responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Adam Halsey (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors

10 Queen Street Place London, EC4R 1AG

Date: 18 December 2024

Page 33

LONDON DIOCESAN BOARD FOR SCHOOLS CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES (INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDEO 31 MARCH 2024 Unrestricted Restricted Endowment Funds Funds Funds 2024 2024 2024 £OCMYs £LNXYs £OO(Ys Total Total Restated 2023 ÉOOIYS 2024 £00￿S Income from: Notes Donations and grants Charitable activities 3a 3b 558 1.481 911 20 578 2.368 911 559 2,472 972 1.576 Other tradin8 actiwties Investments 20 2.242 317 2,262 317 Other income Total 2.970 3,466 6.436 5.579 Ex enditure on". Raising fund5 and investment m3na8ement Commercial trading operations Charitable activities 5a {820} 18201 19101 14.897.) {6.627) (468) 1577) (4.414) (5,459) 19101 13.3341 (4.2441 5b 11.5631 (23831 Total Net Ilossesl/g3ins on investments Net lexpenditure)Ilncome before transfers Transfers between funds Net income/lexpenditure) 1351 92 57 577 (1,274) 1,274 92 1134) 697 (1.2741 1226) 92 (134) 697 Other recognised gains Net movement In funds 226 92 11341 697 Reconciliation of Funds Fund balances at the beginning of the year Nel movement in funds foryear Fund balaThce5 at the end ofthe year 559 42.321 12261 42,095 1.329 92 1,421 44,209 (134) 44,075 43.512 697 44.209 559 All income and expenditure have been derived from continuing activities. There were no other gains and losses in the year. The accompanyin8 accounting policies and notes on pages 38 to 54 form an integral part of these financial statements. Page 34

LONDON DIOCESAN BOARD FOR SCHOOLS CONSOLIOATED BALANCE SHEET AT 31 MARCH 2024 Unrestricted Restricted Endowment Funds Funds Funds 2024 2024 2024 £O(NYs £OO(Ys £OOO's Restated Group 2023 £OOO's Group 2024 £OfyYs Notes Fixed assets Tan8ible fixed assets Investments 27 27 42.474 42.501 41.053 41,053 1,421 1,421 42,896 42,905 27 Current assets Finance lease receivable after more than one year Finance lease receivable within one year Trade and other debtors Cash at bank and in hand io io li 1.155 76 2.289 9,590 13.110 1,155 76 2,617 9,937 13,785 1,228 77 534 8.826 10.665 328 347 675 liabilities Creditors falling due within one year 12a 11431 110.354) 110.4971 17,518) Net current assets 532 2.756 3,288 3,147 Total assets less current liabilities 559 43,809 1,421 45.789 46.052 Creditors falling due after more than one yeaw 12b {1.7141 (1.7141 (1,843) Total assets 559 42.095 1,421 44,075 44,209 Funds Unrestricted funds Restricted fund5 Endowment funds Total Funds 559 559 42.095 1,421 44.075 559 42,321 1,329 44,209 15 16b 42.095 1,421 1,421 559 42,095 These financial Statements were approved and authorised for issue by the directors on 2 October 2024 Simon Judge. Dirertor Rt Revd Dr Joanne Grenfell. Director The accompanying accounting policies and notes on pages 38 to 54 form an integral part of these financial statements. Page 35

LONDON DIOCESAN BOARD FOR SCHOOLS CHARITABIE COMPANY BALANCE SHEET AT 31 MARCH 2024 Re51ated Total Unrestricted Restrirted Endowment Funds Funds Funds 2024 2024 2024 £OThYs £0￿.5 £OWs Total 2024 £OOIYs 2023 £OOO's Notes Fixed Assets Tangible fixed assets Investments 28 28 36,073 36,101 35,914 35.914 159 159 36,019 36,028 28 Current a55ets Finance lease receivable after more than one year Finance lease receivable within one year Trade and other debtors Cash at bank and in hand io io li 1.155 76 2.154 9.493 12.878 1,155 76 2,420 9,578 13.229 1,228 77 419 8,537 10,261 266 85 351 Liabilities Cieditors falling due within one year 12a 15,6961 15.5161 f3.547) Net current assets 531 7.182 7,713 6, 714 Total assets less Current liabilitie5 559 43,096 159 43,814 42. 742 Creditors fall•ng due aftei more than one year 12b (1.6811 (1,681) (1. 7891 Total assets 559 41,415 159 42,133 40,953 Funds Unrestricted funds Restricted funds Endowment funds Total Funds 559 559 41,415 159 42,133 559 40,256 138. 40,953 15 16b 41.415 159 159 559 41,415 These financial statements were approved and authorised for issue by the dirertors on 2 October 2024 Simon Judge, Director Rt Revd Dr Joanne Grenfell, Director The accompanying accounting policies and notes on pages 38 to $4 form an inte8ral part of these financial statements. Page 36

LONOON DIOCESAN 80ARD FOR SCHOOLS CONSOIIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 £O(XYs 2023 £ooIYs Cash flow5 from operating artivities Net cash (used inl/provided by operating activities 13 1943) (49) Cash flows from investing artivities Dividends. interest and rents from investments 2,223 1.576 Purchase of property. plant and equipment Proceeds from sale of investments {261 (4) Net cash provtded by investing aclivlties 2.197 1,572 Cash flows from financing activities Repayment of borrowings Interest paid {124) (119) {iooi (106) Finance lease repayments 77 72 Net cash (used In) financing activities 147 (153) Net increase In cash and cash equivalents 1.106 1,370 Cash and cash equivalents at the be8innin8 of the year 8.826 7.456 Cash and cash equivalents at the end of the year 9.932 8.826 The accompanying accounting policies and notes on pages 38 to 54 form an integral part of these financial statements. Page 37

'LONDON DIOCESAN BOARD FOR SCHOOLS NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I. PRINCIPAL ACCOUNTING POLICIES The Trustee5' report and the accompanying finaftcial statements of the charitable company limited by guarantee have been prepared in accordance with applicable Accounting Standards in the United Kingdom and the Statement of Recommended Practice. Accounting and Reporting by Charities IFRS 1021. The Accounts comply with the Charities Act 2011 and the Companie5 Art 2006. A summary of the principal accounting policies which have been applied consistently except as stated. is set out below. 1.1 Basis of Preparation The Financial Statements have been prepared under the historical cost convention, as adjusted for the revaluation of investments and investment properties. The Statements are presented in Sterling (£1. As discussed in the trustees, report, the trustees have a reasonable expectation that the company has adequate ￿sOUrceS to continue in operational existence for the foreseeable future. Accordingly. they continue to adopt the going concern basis in preparing the annual report and accounts. The LDBS meets the definition of a public benefit entity. 1.2 Significant judgements and estimates The only material judgement5 or estimations applied in the preparation of the financial 5tatement5 relate to the depreciation on freehold property held in tangible fixed assets (note 81.investment properties which are formally valued every five years and it has been assessed that their aggregate fair value remains rnaterially correct (Note 9a) and to the calculation of the fair value provision in debtors (Note 111. There are no other material judgements or estimates in the preparation of these finoncial statement5. 1.3 Basis of Consolidation The financial statements aggregate the Statements of Financial Activities and 8alance Sheets of the Funds held under the LDBS'S control namely: Education Fund unrestricte(I fund Grow Educat*Jn Partners Limited wholly owned trading company Uniform Statutory Trust restrirted fund Uniform Statutory Trust- Schools Building Projert5 restricted fund Teaching London restricted fund Schools Buildings. Maintenance Scheme restricted fund City and Oiocese of London Voluntary Schools Fund sole trustee of a permanent endowment Isubsidiaryl Oavid Greig 1949 Trust sole trustee of a permanent endowment Uxbridge Lecturers Hovse Fund sole trustee of a permanent endowment St John's CofE School . 8ethnal Green - Mrs May Hollings Fund sole trustee St Jude and St Paul Mildmay Park Trust sole trustee St Matthias School, 8ethnal Green la ck>5ed school) sole trustee St Michael's School Camden sole trustee LDBS is Trustee for a number of schools,. the assets of the schools concerned are not included in the financial Statements until such time as the school is closed. Page 38

LONOON OIOCESAN BOARD FOR SCHOOLS 1.4The Charity and its Subsidiary Undertakings The Group financial statements consolidate the financial statements of the Charity and its wholly owned subsidiary undertaking. Grow Education Partners Limited (Company No.. 28746361 and the City and Diocese of London Voluntary Schools Fund (charity number= 3122591 of which the Charity is the sole trustee but a linking order has not yet been made, drawn up to 31 March each year. The Charity balance sheet excludes the assets and liabilities of Grow Education Partner5 Ltd and the City and Diocese of London Voluntary Schools Fund. but does include the investment in Grow Education partners Ltd which is held at cost l£lOOI. 1.5 Tangible Fixed Assets and Oepreciation Oepreciation is calculated on a strai8ht-line basis and aims to write down the cost of tangible fixed a55et5 Other than freehold property over their expected useful economic lives of four years. Following a re4ir8anisation of property assets that took place on 31 March 2020, the freehold property was transferred to investment property, to better refiect its on-going useage. It had previously been held at its 2015 fair value within tangible fixed assets. Items are capitalised at historical cost except those costin8 less than £250 except for the PGCE SCITh course where expenditure is written off against specific capital grants received. 1.6 Receivables due from Schools Where schools require more than twelve months to pay off building project balances. an estimate is made of the realistic timescale for repayment,. a fair value adjustment is calculated based on the present value of estimated future cash flows discounted at the gross redemption yield of a government stcrk with a similar repayment date. 1.7 Fixed Asset Investments The Uniform Statutory Trust holds investment property 0ri8inally Vested in it in respect of schemes created under various Education Acts. Inve5trnent property held in this and in sole trustee funds is included in the financial statements at estimated open market value in accordance with FRS102. Depreciation is not provided in respect of freehold investment properties. This treatment is contrary to the Companies Act 2006, which states that fixed assets should be depreciated. but 15. in the opinion of the trustees, necessary in order to give a true and fair view of the financial position of the Company and Group. All investment property is held at fair value at each balance sheet date. Investments are included at market value ond the original cost is shown in a note to the accounts. All changes in value are reported in the Statement of Financial Activities. A lease held as an operatin8 lease has been classified as a finance lease. Interest has been calculated and is being paid on the premise that the lease is cancelled at end of Ottober 2036. 1.8 Finance Leases Finance leases are leases in which substantially all the risks and rewards of ownership other thon legal title, are transferred to the lessee. Assets acquired and held for use under finance leases are presented as a debtor at an amount equal to the investment in the lease. Finance income is subsequently recognized at a constant periodic rate of return on that net investment. 1.9 Flnancial Instruments All financial assets and liabilities a￿ of a kind that qualify as basic financh31 instruments- these instruments are initially recogniied at transaction and subsequently measured at their settlement value. Page 39

LONDON DIOCESAN BOARD FOR SCHOOLS 1.10 Incoming Resources {al Donations and grants Donations, other than grants from charitable organisations. are recognised when received. Oonated services from the London Diocesan Fund are included in income at a valuation, which is an estimate of the finantial cost borne by the donor, with a Quantif￿b1e and measurable value to the charity- An equivalent amount is charged as expenditure. All the trustees of the Charity are volunteers and the value of the time they spend supporting the Charity is not measured. (bl Charitable activities Grants receivable from the Education and Skills FundinÈ Agency and Local Authorities do not form part of the income and expenditure of the charitable Company as they are administered on behalf of the xhools and ESFA in an agency capacity. Contributions due from school governors and other grants are treated in the same way. This treatment is a change frorn that adopted in previous years and a prior period adjustment has been rnade Isee note 221. An estimate of future incorne is included in the financial statements for cLiims not able to be made prior to the year-end, but relating to expenditure which was incurred before the year-end. Other grants ￿(eiVed for specific activities includes unspent capital held for voluntary aided schools devolved by the Department for Education IDFCI. These grants have been pooled by schools within the S¢hools' Buildings Maintenance Scheme. Policy guidance issued by the Education anLI Skills Funding Agency indicate5 that the grants are repayable rf not used within three years. Grants received in excess of expenditure incurred in the year are treated as deferred income. (c) Other trading artivities Subscriptions received by Grow Education Partners Limited for the academic year beginninE I September are reco8nised as income evenly over three terms. Idl Investments Investment income includes rental income, receivable during the year. and dividends and interest when received. 1.11 Expenditufe Resource5 expended, includiTrg grant5; are included in the Statement of Financial Activities on an accruals basis. L085 15 not gistered for VAT whereas Grow Education Partners Limited and the City & Diocese of London Voluntary Schools Fund are registered for VAT. - Raising funds and investment management funds The cost of generating funds includes all costs relating to the raisin8 of funds and the management of the properties included in these financial statements and professional fees incurred as trustee of a number of schools. Charitable artivitie5 Grants made to schoolslindividuals are recognised only when the conditions attaching to the grants have been met. Overheads are allocated where possible to the relevant charitable funds. Where expenditure cannot be specifically allocated, costs are apportioned between funds based on estimated time spent by staff. No administrative charge5 are levied on the subsidiary company. Grow Education Partners Limited or on the sole trustee funds including the City & Oiocese of London Voluntary Schools Fund. Page 40

LONDON DIOCESAN BOARD FOR SCHOOLS Costs include those incurred by Trustees in connection with the administration of the charity including audit costs. Staff costs relating to the preparation of reports for meetings of Trustees and the statutory occounts are apportioned on a time basis. The value of accrued holiday pay at the year end is calculated but no provision is made as the amount is immaterial. 1.12 Pensions - Defined bÈnefrt scheme All eligible permanent employees are given the opwrtunity to join the Church of England Defined Benefits Scheme, which 15 administered by the Church of England Pensions Board. The contribution rate paid by the LDBS in 2024 was 30%12023- 35.2% up to 310ecember 2022 and 30% from l January 20231 of salary plus expenses of £nil12023= £7,125). This scheme was closed to new contributions from the 1st April 2024 and all eligable Employees were provided with a Defined Contributions Scheme provided by the Church of England Pensions Board with a 30% contribution rate. Due to the nature of this scheme. LDBS is usualy unable to idenlify its share of the underlying assets and liabilities. In accordance with the provisions of Section 28 of FRS 102 the scheme is treated as a defined contribution scheme. As a result the pension costs charged to the Consolidated SOFA in the year are contributions payable towards the benefits and expenses accrued in that year. plus any impact of deficit contributions. There are no deficit recovery payments which need to be recognized as a liability in the financial statements. Upon closure of the scheme to new contributions the LDBS portion of the scheme was in surplus and this is being utilised to defray future contributions to the new Defined Contributions Scheme. - Other Some staff have reached agreement to join or remain in alternative pension scheme5 to which LDBS contributes. 1.13 Restricted Funds Restricted funds are to be used for specified purposes laid down by the donor / granting try)dy. Expenditure for those purposes 15 charged to the fund together with a fair allocation of overheads and support costs. 1.14 Transfers Grant5 between funds for internal purposes are treated as transfers in the Statement of Financial Activities ISOFAI. Other grants are included in charitable activities in the SOFA. Page 41

LOMOON DIOCESAN BOARO FOR SCHOOLS NOTE5 TO ThE FINANCIAL STATEMENTS FOR ThE YEAII ENDEO 31 MARCH 1024 I NET INCOMEIIEXPENOITUREI FOR THE YEAR15 STATED AFTER CHARGING.. 24 Total 2023 Total £￿0.5 32 UnrÈrtrirted Oos 31 Restr￿ed Unrestrted £l))O's 31 Restricted £OLII's Auditoi's remuneration_. - the statutory 3udit- LD85 . the st3tutOry audir. icading subsidiary Oepreclaiion on f￿ehOld and leasehold properties Oepreciation on fixtures, fitting5 equipment 33 24 24 24 24 Restated Aestated Unrestricted fte5tricted 3 IPKOME FROM: Vfvestri¢ied le￿ritted 2024 Total E¢XIO's 2023 Total ÉOOO'S 538 20 lal Donations •nd 8rants Grant from London DSocesan FuThd (see note 141 Spelrhorne Gymn35tIcs HMRC tax relief on glft a•J donatKJn5 £LXXI's 558 )O's 538 É(Ws 19 19 20 558 538 559 Ibl Chiritable activities Grants and contribtstions receivable fiom Education & Skills Fundlng Agency, Local Authorities and tsthei public bodies Sales. fees and subscriptions Reimbursemenr from Kknls 1,418 61 1305 61 1.497 . 2.406 66 16 925 Icl Investmems Distributions from unlisted pooled invesiment furtds Rental income Irom investment ptoperties Interest on cash deposIts￿o3nS 148 1.707 387 208 1,192 176 1.707 407 1,192 140 20 20 36 36 4 NET INCOME FROM NON CHARNABLE TAADINGACTWMESOF SU8SIDIARIES The Charitable Company owns the entire tssued ordirtary share capital ol £ICO ol Gmw Education Partnefs Limited. a company registered in England & Wales Icompany No.'28746361. Tr principal actwily i5 the provtsion of consuiiancyservices to schools. 2024 ÉiKrfI's 911 910 zo £(Ws 97Z $73 399 Turnover Cost of sales Gross prolit I Ilossl Adrninistrative expenses Net proFrt Ilossl Gift fromlltol LO8S Balance added to [ese￿e5 395 39S A$gre8ate total lia￿"11t1e5 and a88reÉate total a55ets are both É236k12023.. E236kl 4b NET INCOME FROM CHARITABLE TRA01f￿ A(TIMTIE5 OF SUBSIDIARIES The Clty & Diocese of London Voluntary Sch)oLs Fund is a subs￿liary of the CharIta￿e Company. This charity Iregisteied no 3122S91 prowde5 grants to SE￿15 for rnainienance ol sch¢)Dl prerni5e5 and to young petson5 under the age of 2S years who have for at least iwo years * any tiffle attended a Church of England Voluntary Schwl in the Dlocese of London IAccounts are available from the Rewstered Officel. 2024 £￿$ 214 2023 É(XIO's 126 146 Total IrKome xpenditure Net movement in Funds Gains III0551 on in¥estments f< Ner movemeni in Funds Fund balances aistart of yeai Fund baLinces atend of year 18611 452 11.3131 3.254 41 37 1571 Pa9e 42

LONOON DIOCESAN 80ARD FOR SCHOOLS NOTES TO THE FINANCIAL STATEMENTS FOR THÉYEAR ENDEO 31 MARCH 2024 Restated Restated Restated 2023 Total £LMIO's 239 123 106 468 5 EXPÉNDITURE t￿y'. 1014 Total £1￿0.$ UMesirKted Aestricted E(M)O's UNestritied £tsJO'5 Restricted ÉDfy)'s 239 123 106 lal Ralslngftsnds and investment rnanagemert Investment property expenses Professlonal fees for investmeni and trust l￿pertIeS eank loaTh interest Z32 Ic 820 231 Ir 820 Ibl Charitable Xtivities Grants to schools Isee details in Note Slcll Grants to indNiduals ihrou8h the City & Diocese of London Voluniary Schoo15 Fund (see Note 161 234 215 24 23S 24 24 khool bvildine wofks and repalrs Salaries, social securitv and pension costs lsee note 61 PGCE SCITh course delivery costs Depreciation 4nveAment assets Support C05t5' Depreciation-frAed a55ets Occupancy costs Audit fees 72 159 72 2.316 2,192 159 l351 2.IS7 480 24 24 24 300 35 32 300 36 919 36 318 Other costs 402 Icl Grants made to Schools 51 Jude & St Paul's School, Mlldmay Park Holy Trinity School. Dalston St John's School. 8ethnal Gfeen St George the IA4rtyr School, Holborn 131 131 131 131 82 15 15 15 235 235 Idl Tru5tees' empemes Travel expenses 01 £0 were reimbursed to oht Trustet12023.. £141_ As permitted by LD8S's Articles and Memorandum of Assotiatwjn ihe resources expeTrled by the charity indude £36.75012023.. £36.5￿) in respect of Indemnity insurance for the trustees and officer5. 2024 £IX)O's 1.782 195 395 1023 £OOiYs 1.707 211 6 STAFF COSTS Wages and saiiiies Social security Costs Pension cost5 1306 The averaRe Mjmber ol staff employed by the company. irfludi￿c0ntr3tted part lime staff on a full lime equi¥abent basis was= Statutor¥ advice and coroorate PrimaTh tradine and non statutorv 5UOOOrt 17 Is 17 Avera8e number of employees 31 43 The number of employees whose 8ross Sal￿ fot the yearexceeded £60.0(X) are as follows". £60.LXJI- £ 70.(M)O £70.CI)1- £ 80.IXIO £80,C(IL - £ 90.000 £90.(QI £IOO,oC￿) £1￿.(￿)1 an4J above Aggregate Èrnp￿ytr pension contributK)nsfor the employees atr*)ve were £IBI.tXX)12023.. £176.0(K)l. payawe to defined benefit sthemes. Church Warkers Pension Fund for two12023.. foutl employees aThl Teathers. Pension Scheme for six12023-. seven) emphJyee5. £482k of staff costs 311ocated to trading actwities12023.. E282kl and El,929k allocated to ¢haritable acihbtie$12023.. £1.986kl. The toral amount of renumeratlon receive4 by key manangement peNinel inclLrding empknyee benefits and health insurafite wès £62Lk12023.. £454kl. Page 43

LONOON DIOCESAN BOARD FOR SCHOOLS NOTES TO THE FINANCIAL STATEMÉNYS FORIHE YEAR ENDEO 31 MAACII 2024 7 TRANSFERS BETWEEN FUNOS The Uniform Statutory Trust (Rest[￿ed Fund) made a gnnt to the Educat￿￿ Fund (Unresirittedl of £1.274k12023_" £499kl to 5UPPOrt the charitable ivif¢es of L08S. 8TANGI8LE FIXEO ASSErs Fithwes. FiltinES & Équipment IApril 1023 Additions Disposals £OOD$ Total 11 Morch ZO24 £IXIOs Group artd Chaiilv 95 86 iio 92 27 Depre£iation Net book value 19 91al INVESTMENT5 AT MAAKET VALLIE-fjROVP 2024 Totsi Z023 Toi•l Aestricted Endowment Funds Funds £OW5 £(W$ RestrKted Funds £OOO's Endowment Funds £OOIY5 U￿r￿ted Central Board of Finance of the Chwch of Énnl•rtd ICBFI - Investment fund Property fund . Global Equity I￿orne fur M&G Ch3rifund ÉOOIYS i.lss 614 639 88 136 1.794 702 136 587 1,675 702 116 614 116 791 .Freehold Properties Moreton Street SWI School Hovse.Johns Mews WCI Acre. 8rentlord TW8 8ishops Avenue SW6 Fulham HiEh Street. SW6 West End Lane NW3 35 Tread8old Streei. wii Friern 83rnet Scout NWII St Jude's Sthool. King Henry's Walk Nl St Jude'5 Cottaees, Kin8 Nenry's Walk Nl St Matthias Sth¢ol. 8ethnal Green lelosed sElh)oll Cleikenwell Parochlal Schjol. ÉCI 13114 Archei Streei wi 2,450 2.420 1,070 11.60) 3.4 1.754 436 340 2.450 2.420 1,070 li.E 2.450 2.420 1.070 Ji.600 3.400 1.754 436 340 2.450 2.420 1,070 11,600 3,400 1.754 436 340 1.5QKJ 926 4,024 2,108 1,754 4J36 1.5LK) 926 4.014 2.108 926 4.024 2.108 926 4.024 2.108 558 558 538 538 Leasehold Property Lon8 lease of land at Sunbvry Gymn291Urn at Sunbury less depre<iation 90 2.174 140 124 90 2,174 140 1.521 164 1,521 164 In¥estments at Mzrketvalue. 329 Page 414

LONDON DIOCESAN BOARD FOR SCHOOLS NOTES TO THE FINANCIAL STATEME14TS FOA THE YEAR ENDED JI MARCH 2024 91al INVESTMÉNTS AT MARKÉT VALVE-CHARITY 2014 Total 2023 Total AestrKted Funds £OOIYs Endowrnent Funds ÉOWS Resifi¢ted F¥nds £CiIO'5 Endovment Funds £OOO's Unlisted Central Board of Finance of rhe Church of England ICBFI Investmeni fuftd - Property fund Global Equity Income fund M&G Charifund ÉiWJYs £OOIYs 1,155 614 23 1.178 614 136 zz I,iio 614 116 614 136 116 117 Isi 159 138 Freehold Pfoperties Moreton Streei sWI School House. Johns Mew5 WCI Hall Acre. Breniford TW8 Bishops Avenue 5W6 Fulham High Sifeet. SW6 West End Lane NW3 35 Treadgold Street, Wll Friern Barnet Scoul H*Jt NWII St Jude's School, KinE Henry's Walk Nl St Jude's Cottages, King Henry's Walk Nl St Matthias Sthool. 8ethnal Green Clerkenwell Parochial School. ECI 2.450 2.420 1.070 11.6( 1450 1420 1.070 li.f 2,450 2.420 1.070 11,600 3,400 1,754 436 2.4SO 2.420 1.070 11.6CL) 3.4CKI 1.7S4 436 340 1.5 926 4.024 1.7S4 436 340 1.STrJ 926 4.024 1.754 436 340 926 4.024 926 4.024 Inv•stmenlS •t M•rftet V•lu• Clerkenwell Pafochial School was valued by Oalton Warner Davi5 LLP. Chartered Sur¥eyor5 on 29 March 2023. The former5t Matthias School, Bethnal Green wa5 valued by Dalton Warner Davis LLP. Chartered Surveyors on 31 March 2022. The other ffeehold investment properties and the freehold operational property were valued on an rjpen market basis as at 31 March 2020 by OalELMI Warner Davt5 LIP. Chartered Surveyor5. The leasehold property is valued on èn open markei basis refledin8 the remairtiÉ term of the lease5. The property at 13114 Archei st￿et. acqui￿ wilh vacant possessron in June 2LW. and the land and gymnasium at Sunbury are held by the City & Diocese of London VOl￿ntary Schools Fund, which ha5 gNen a mortgage to the Uniform Statutory Trust as security for inier-fund indebtednes5. The arnount outstar￿ing at 31 March 2024 is E3.575m12023= E3.575ml. There were no sale5 or purchases ol unl￿ted in¥estrnents dvrin8 the ytar. Page 45

LONDON OIOCESA14 80ARD FOR SCHOOLS NOTE5 TO THE FINANCIALSYATEMENTS FOA ThE YEAR ENDEO 31 MARCH ZOI4 ZOZ4 2023 91bl INVESTME14TS AT COST- GAOUP R¢siri¢ied EndowTrnt Funds Éoolrs Rewi¢ted funds I￿lY9 Endowment FurKIs £OOO's Total EOWS Total £OOO's Unlisied Central 8oard of Fifian￿ of the Chwch of Eneland IC8FI - Investment fund Property fund - Global Equity Intome fur M&G Charifund units £(Ws 367 526 417 601 53 367 S26 417 601 53 75 S3 75 53 083 2.976 2.976 178 3.154 178 3,154 Propertv 6.823 262 6.823 262 7.085 All investments are held in the United Kingdom. 2024 2023 91bl INVE5TMENT5 AT COST- CHAAITY Aesiticted fndowmeni Funds Fund5 £OOIYs Restsi¢ted Funds £(IJWs Endowment Funds Total EOO(fs Total £OOO's Unli51ed Central Board of Flnance ol the Church of Eng￿nd ICBFI Irsvestment fund Property fund - Global Equity Income fund M&G Charifund units 250 E4Ji 851 367 526 417 601 53 75 53 2.083 I.￿3 250 1934 2,976 178 3.154 Property 6.823 262 6.823 262 7,08S All Investments are held in the Uniied Kin8dom. 10 FINANCE LEASE RECEIVABLE5 A finance lease was provided to Wren Academy loi the construtt￿n of a sixth fom centre with an anticipated redemption date of 31 Ottober 2036. Amount drawn dowfi £1.25m A finance lease was Pfovlded to spe1th0r￿ Gymnastiu lor the provision of mechanical and elertf￿al works with an antlcipatod redemption date of 31 March 2037. Amount drawn down £21K A second finance leas¢ was p¢Ov￿ed to Spelthome Gymnastics for fittiry out works with an aniicip•¢ed redemplion datè of 31 M•r¢h 2038_ Amount drawn down £250k. Group and Chority 2014 foo￿$ 76 329 826 202J £000'5 77 321 907 underont year one to five yea l•ter than vea Restated Group 2023 £1￿5 Restated Charity 2023 £OOtys 11 TRAOEANO OTHER DEBTORS Gmup ZO14 £OOIYs Ch•rity 1024 Ouistandlng claims - Department for Educ¥iion & b(al authoiitEs Amount5 due from schools Tr•de debtors Other debtois Icornpri5e loans to employees) 177 2.440 iii 150 375 iii 299 1.617 142(1 534 419 e5tated Group 2013 Ows Restated Charity 2023 £(KJtys 12 CREOITORS Group 2024 Éootrs 2014 £(Ws 121al-Amounts fallingdue within oneyear Trade credStors Other creditors Loan repayments Acciuals afto Jeferied i￿orne 3.Z71 155 129 3.189 155 129 1.281 24 124 1,165 24 103 10.497 S.S16 7.518 3.547 Accruals and delerred income InelL￿e arno￿￿ of £2.3m 12023.. £1.Iml in respert o16rants and contrutions rect￿ed in advance of reled expenditure being incurred. £1.9m12023.. £0.9ml of the preteding year balance was released in the current year. Page 46

IONDON OIOCÉSAN BOARO FOR SCHOOLS IXITES TO THE FINANOAi STATEMENTS FOR THEYUR É14DEO 31 MARCH 2024 A2 CREDITORScontinued fjroup 2024 £(M)tr5 Chari io £OLVs Group 2023 Charity 2023 £00￿$ Illbl. Amounis falllrti due after orte ye•r Loan repayments due within I to 2 years due within 2 10 5 years due thereèfteT 136 43S 1.143 1.714 103 435 1.143 1.681 129 427 1.287 1.843 87 415 1,287 1.789 A term loan from Barclays forms part of the liabilities of ￿ iestricted Uniform Schools Trust fund- final fepayment 2036. - An interesi free loan of £2oJ.rm was provided by the London Marathon Yrust to Cilv & D￿se of London Voluntary Sthools Fund in 2016-17 repayable in 114 equal monthly inslalments from 31 Mèy 2017. IJ NOTES TO THE CASH FIOWSTATEMENT Restated 2023 £000'5 12201 32 Reronclliation of net incomEto netfa5h flowfrorn opeTrlinE ush activities 2024 OOW5 11341 32 491 1571 112621 Ic 110861 Net incorne fof the year as per the Statement of Fina￿￿1 Aciv4il Oepreciation char8e5 Other non cash adjustments LossesllGalnsl on investments Dividends, interest and ients from investments Interest paid Ilncreasell De¢￿aSe in debtows IDecreasel in creditor5 Net cash louffiowl from Oper*1￿ aulvlties 340 11,5761 106 12071 943 Page 47

LONOON DIOCESAN BOARD FOR SCHOOiS NOTES TO THE FINANCIAL STATEMENTS FOR THE ¥EAR ENDEO JI AIARCH 2014 14 TRANSACTIONS WITH RELATEO PAllnES The London Diocesan Fund and the London Diocesan Board for sch￿?15 are separate charities bul various droosan bOd￿S appoim the majority of the direciors of the iwo companie5. A number ol members •re dirertors of both charities. Several indNiduals who are either trustees. committee membets or key maro8ement PErsOnr￿1 are akn nmbers of acaderny trusts aryd multi-acaderny trust5 Wlthin the Orocese of London. The extent of the relatw)nships are limited to bein8 members in company law and do not in themselves create related parties under FR5102. 1Olhert specific circumstance5 lead to a re￿Ied party relationship extstinl or the value of the tran$att￿tts are over£25.QXI then tht distlosvres are set ovt in this note. A number of director5 are 8overnor5 andlor employees of school% which buy semces from LDBS and its subsrfliary, GfQW Educational Partners Ltd. There are no snificant purchases or sales which requwt disclosure. The London DI￿e53n Fund provides offKe. computer support ar￿ payroll f•01[t￿$ to the LOBS. Ahhou8h no charoe is rnade foi this suppoi¢. Ihe financial staternenis refled the value of ihe donat￿￿ the hEadin& Londtsn Oiocesan Fund zrant with an equi¥Jnt tost shown under the cost of charitable actvilies. The amount indLKled in the AcctyJnts is É387.(iX)12023.. £367.1X)01. The cash giant wovided by The london Oioce5an Fund durinE the year wa5 £171.COJ12023.. £171.CO)l. In addition the Fund reimbursed LDBS £Z3,43212023.. £16,5241 •nd re£har8ed eMpense5 of El.847.08812023.. EI.870.6791. The balance owed to London Oiocesan Fund at 31 March 2024 was £nil12023". nill. LDBS has taken advantaie of ihe exempt￿)n$ availab￿ under FAS 102"Ael•ted Party Ois¢losures" r￿t to disdose transartions between It and its tradiA8 subsidiary. Grow EdUcat￿Th PartnEf5 Lirnited. registered address 36 Causton St￿et. London SWIP 4AP. The accounts have been prepared on the basis thai the LD85 4$ the ultimate undertaking. Loes receiveil £12,ryJO12023.. £15.1391 Irom LO8SAcadernie5 TrLtsL Nil12023'. nill was paid io ihe L08S Academie5 Trust. In addition LDBS Academles Trust pald £155.61612023.. E54.2461 to LDB5 & Grow Ed￿tIOn Partners limited received nil 12023.. nill. IDBS Acadernie5 Trust 2 paid £30.170 to LD851 Grow EtlucatioTh Partners Lirnited 12023.. nill. No balances were ovrstanding ai the year end. Andrew Garwood Watkins 15 an officer of LDBS and is a Oirettof of rhe L085 Academies Trusi i and 2. Christ Church School NW3 sponsors the LDBS SCITT PGCE Course and ￿CeiVe5 £ranrs for students from the Education and Skills Fundin8 A8ency and student Loans Company. LD85 diew dDwn E675.IXX) frorn thi5 Accouni12023. EKQ.C#JOI to co¥er course rvnnin8 C05t5 aerkenwell Pariochal School 5$ leased to1￿ HNe E04KaM)nal Trust. of which the L085 is ¥ CDrpordte mefflber. for a peppeicoin rent. No balances wert o¥tstandin8 at the yeaf eTrJ. In addition Ili4e Educat)nTrust paid £28,681 to LOBS & Grow Education Partners Limlted received ft￿. The Green School Trust paid £3S.326 to LDBS & Grow Ed￿3110￿ Partnws Limired and re¢ev¥eJ £nil. TwyFord School Trull Pa￿ £32.386 to LOBS & Grow Éducation Partners Limited and re¢eNed £4.350 The Wren Acadaffji*$ Sch¢)Dl Trust paid £28.380 to L08S & Grow Ed￿allOn Partners timited and received £nil. P•ge 48

LONDON OIOCESAN BOARO FOR SCHOOLS NOTE5 TO THE FINANOAL STATEMEiifs FOR ThE YEAR ENOEO 31 MARCH 2024 15 AESTRICYED FUNDS 6alance l Awil ZOIJ £OWs 633 Inrorni Resourcts £OOO's Rtsour¢es Expefided £OWs 15701 6•lante ialnslllosst51 31 March Z024 £LWO's £OOO's 950 Transfers £(IJO's GROUP Schools 8uildin8 Maintenan(e Fund Sole Trustee Funds-see note 161al 35 Balart l April 2022 729 Balance 31 Marth 20Z3 633 fjROUP School$ 6u41dln8 MainteAarKe Furtd PGCE SCI￿15chOoI Direu Course Sole Trustee Funds (see note 161 11671 18381 499 622 622 Balance l Aprll 1013 £fJJO's 633 In(ominK ftesourcts £OOO's Resources Exp¢nd¢d £OOtys 15701 Recolnised Balance iainslllosst51 31 Mar¢h Z014 £LXXI's £OOO'$ 950 Transfers LMIO'S CHARITY Schools Building MaIntena￿e Fund Sole Trustee Funds-see no* 161al 345 8alance l April 2022 £¢J)Ys 729 8alance 31 March 2023. £OOO's 633 CHARITY School$ Building Malntenaffe Fund PGCE SCIThIS£hool Direct Course Sole Trustee Funds Isee 161 Éts))'s ÉCth'5 11671 £LKX)'s 18381 £(nYs 74 915 470 622 611 16 SOLE TRUSTEE FUNDS Retortnistd gainslllossesl & fair ¥al 8alJnce adju5trnerts 31 March 2024 £(KJQ's £OOO's 453 36,183 161oJ RestrlctedFunds- Gm Balante l Awil 202a £iThxi's 32.6(K) InrorninE Resour￿$ £OIX)'s 1.866 Resouryes Expended £OLIYs 11.5531 Transfers £rAMYs 2.817 Uniform Schools Trust City & Oiocese of London Voluntary Schools Fund Oavid Gfeig Trust 1949 Uxbridge Lecturer's Fund John's School, Bethnal Green St Jude & St Paul Mildrnay Park St Matthlas's School Bethnal Green Sr Michael's Camden 1st stephen's Wl 2.(65 234 IS71 1201 15231 1.699 383 2.569 4.C67 li 114 1311 119)) 397 2.534 350 IZ31 327 Aestated Restated Restated 8alance 31 Marth 2023 32.6(X) Balance l April 2022 31.765 Uniform Schools Trust City & Diocese of London voluntary Schools Fund Dav¢d G￿18 Trust 1949 Uxbrldse Lecturei's Fund St Jahn's School. aethnal G￿en St Julle & St Paul Mildmèy Park Si Matthlas's.School Bethnal Green 1.262 IS961 14671 636 12b 1291 2,065 {141 11361 1141 183 2.569 2.591 114 59 Transfers tollfroml Vnilorm Schoo15 Trust cornprise Tran51er of subscripiions from Sch¢)o1$ 8uiklint MaiAtefiance Fund Transler of de¥0￿ed capital Irorn Schools BuAdin8 Maintenance Fund Transfers from other sole trustee funds Transfer frorn Uniform Schoo15 Trust to unresutrted funds 1024 2023 839 32 499 372 Page 49

IONDOPI OIOCESAN 8OARO FOR SCHOO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ÉNDED 31 MARCH 1014 Retolnsed ain51110s5esl & fair v•lye 8alan¢e •dju5trnent$ 31 Marth 2014 £(th's £O(Xl'5 453 36.183 161uJ RestrlctedFunds. Charity lanre l Awil 2023 £0005 32.6LX) Incomin8 Resout<es £000'5 1.866 Resource5 Éxpend¢d £OOO's 11.5531 Tr•nsfers ÉrAXI'5 1817 Uniform Schools Trust Oavid Greig Trust 1949 Vxbridge Lecturer's Fund St John's 5cFK)01, Bethnal Green St Jude & St Paul Mildmay Park St Matthias'$ school 8elhThol Green St Michaol's Carnden 1st Stephen's Wl 383 2.569 4.067 li 114 34 397 2,534 11501 14.C671 350 1231 327 Restated Restated Restated Balance 31 March 2023 32,6Cx) Bala￿e l April 2022 31.76S Vniform Schools Tiust Oavid Greig Trvst 1949 Vxbridge Lecturer's Fund St John's School. Bethnal Green St Jude & St Paul Mildmay Park St Matthias's school Bethnal Gree 1.262 14671 636 li 114 59 449 383 2,569 2.591 11361 770 8alante l April 2022 £otQ's Reco8nised Balance Ae¢oinlsed e•l•nce £ainslllossesl 31 March 2023 1 April 2023 tainslllosstsl JI March Z024 £¢JXJ's £C#)Ys £(KK)'s É000'5 £ODD's 161bJ pennoftent endowmenilund. GROUP City & Olocese of London Voluniary schools Fund Uxbrldge Lecturer's Fund Dav¢d Greig irust 1949 1.229 22 120 371 1371 1.192 21 116 1.192 21 116 70 1,262 23 136 42 20 Balar￿e CTrJanlQ ÉCWS 2Z 120 Recognised sa￿$1(10Sse$j Balance Balance Recognised Balance l April 2023 8ainslllossesl 31 Mèreh 2024 ÉrAIO'5 £I)OO's £OOO's 21 23 116 136 161bl Permonent endowrnffitfvnds." CHARITY Uxbrid8e Lecturer's Fund David Greig trust 1949 £LWs 21 141 116 20 The balarsce on the City & Diocese of London Voluntsry School5 Fund inclLKtes a 13.125% irferest in the property al 13114 Archer Street Isee note 9al. P¥ge SO

LONDON DIOCESAN BOARD FOR SCHOOLS NOTES TO THE FINANCIAL STATEMEfrITS FOR THE YEAR ENDED JI MARCH ZOI4 16 SOLE TRUSTEE FUNDS continued Uniform Siaiutory Tnrst IEstablished 19961 The Tiust was established under Section SS7 of the 1996 Ed4KatI￿ Act. The Trustee may appty c3Pital and income in expenditure on school sites and builrfings. The Twstee may also apply income in or towards the provsion of advite. guidènie and resources lincluding materièlsl in connection with any rnatter related to the management of. or education provided at. any relevant school in the Diocese. Tht City & Diocese of London Voluntary S¢hools Fuhd IEstaNished 18131 This charity (registered no 3122591 may provide grants to schools tor rnaintenance of s(1￿1 premises and to young persons under the age of 2S years who have for at least two years ar any time atteThled a Church of En8land Voluntary School in ihe 06ocese of London (Accounts are available f¥om the Registered Officel. O•vid fjreii Trust 1949 The charity benelit5 pupils of Greil City Acaderny In 2020 thE Uniform Schools Trust grnnted the Academy £60.L))J towards the cost of a STEM centre. The David G￿l%T[USt 1949 is relmbursin8 the Uniform School Trust from investment income ovef a period of years to 2036. The Uxbrid8e Lerturerf$ House Fund IE#ablished 17211 This charity provides grants to Churth of Eneland schools in tr Parish of Vxbridge. St John's School. 8eihnal Green- the Mrs May Holinp FuThJ in¢orporatift8the Sir D¥nl Ktyntr Me•wirial Fund LD85 became SO￿ trustee of thls fund in 2020 whlch provKles grants to Si John's Sthool. The StJude'% Milthnay Parl(. Church of E￿and PrimarykI￿ F￿ndation lE51ablis￿ 18S7) This charity owns land and building5 which were formerly used by51)yde & St Paul Church of England School. The Foundatlon 15 lorthe sole beneficiary of the iniome Imm this Trusi. Fomer St Mi¢haets 5¢hool. Camden closed In summer 2023 The land and buildings have been let to Our Ladys Catholic Prirn3ry School. The fund5 are held in trust until the-DfE gwes di￿¢t10n as io how the fund5 can be used for the benefit of other Churth of En8land schools. The London Dimesan 8oa¢d lor5choobTNst Propeny IEstablistr*d 2crAI This charity was set up to atlminisier and hold land to the west of Warnham Road and to the north-west. north and east of Hilton Avenue. London N12 9HB as a permanent endowment. The land is leased to the Wren Acaderny for 125 years from I September 2W8. No financlal transattions have taken place nor hès any value been ascribed to the land. 17 TRUST FU140S In its capacity as tfuslee of a number ot schools the I08S is the owner of a number of school sites. No value is •scribed to these siies whilst they ctyitinue to operate as voluntary aided schools. 2024 £00￿$ 1013 £OW$ The LDBS 15 C115todian trustee for.. Bartlett Le8acy- St Saviours School. Poplai St Paul's wilh Si MKhael's khool. Haueiston iatyrner & All Saints School, Edmonton Latymer & All Saints School. Edmonton St John The 8aptist School. Malden Oaks Holy Tiinity School. Tottenham- Girls Green School Fund Investments ai Market Value CBF Investment Furul C8F Deposit Fund C8F Investment FUNJ C8F Deposit Fund C8F Deposit Fu COIF Chariiies Investment Fund 23 21 21 63 116 18 CONTINGENT LIABILITIES At 31 March 2024 there were no continwt liabilities 19 CAPITAL COMMITMENTS Ai 31 March 2024 there were capital cornmitfflents of Enil12023.' nill. Page 51

LONOON OIOCESAN BOARD FOR SCHOOLS NOTES TO THE FINANCIAL STATÈMENTS FOR THE YÈAR E140ÉD 31 MAIICH 2014 20 PENSIONS- Oefined Benefrt Scherne London Oiocesan Board foi Schools ID8SI part￿Ipate$ in the Oefined Benelrtsstheme se(kn)n of CWPF for lay staff. The Scheme is admlnistered by the Church of England Pensions Board. whith holds the assets of the sdme sepawatetyfrom those of the Empl¢)yer and the other participating employers. CWPF has two settions.. l.the Dehned Benehts Scheme 2.the Penslon Builder Schen. which has two subsettions.. a deferred annulty Section known as Pension Builder Ck5sic. and. 3 cash balance sectlon known a5 Pension Builder 2014. The Oefined Benefits Scheffle I"D85-l section of the Church Workers Pension Fund provKle5 benetits for lay staff based on final pen5Kbnable salarie5. For funding purposes. the DBS is dI￿ded inio sub-pools in respect of each part￿1Pating empbyer as wel as a further sub-pool. known as the Lrfe Risk Pool. The Llfe Risk Pool exists to $har¢ ceit3bn risks beiween ￿m￿0ver% includini those relating to rnort¥lity and post-retirement investment retvrns. The divislon of the 08S into Sub-po0￿ rs notional and is for the purpose of ¢alwlatin8 on8oin8 tontributions. They do not alte¥ the fart that the assets of the DBS are held as a single trust fund out of which all ihe benefits a￿ to be provided. From time to time. a nDiiDnal premiurn 15 transferred from employers. sub-pools to Life Aisk P(M)l all pensI¢j￿ and death benefits ore paid from the life R Pool. The scheme is a multi-employer scheme ès des£ribÈd in Sertiorb 28 of FRsI02. It is not possible to attribute the scheme's assets and liabilities to Specific ernployers. since each empk)yer, through ihe Life Risk sett￿￿. F5 exposed to actuaiial rbsks èssociated wilh the current and formef ernployees of other entities participating in ihe D8S. This me¥n5 that contribut￿nS are accounted for as if the 08S were a dehned contributiDn scheme. The pensions cost5 char8ed to the Consolidated SOFA in ihe year are contributions PaV4ble towatds benefits +r￿ expense5 accrued in that year plus •ny rmpact of deficit contributions (see below). If. followirt8 an xtvarial valuatlon ol the Life A￿k Pool. thefe is a surplus or dtfiot in the p(Kl and ihe Actuary so rÈttsMmer￿S. further transfers may be made from the Life Rlsk PcM)Ito the employers, sub-pools. orvice versa. The amounts to te traAsfe¥red land allocatKJn between the Su￿001$1 will be s¢Mled by the Church ol England Pension5 eoard on the ￿VIce of ihe Actuary. A valuation ol D8S Is carrd out once every three years. The most recently finalt5ed valuation was carried out as at 31 December 2022. In ihis valuation. the overall surplu5 in 08S was £73.6m. Followin8 the ¥a￿ation. the Employer has entEred into an ayeement wth the Church Workers Pers*￿ Fund to pay a contribution raie of 35.2% of pensionable salary and expenses of f9,5W from i April 2022 (£9.5￿ from l April 20211. cOntrib￿￿n rate reduttd to 30% on l January 2023. Following the 2022 valuaiion, the Employer entered into an agreement with the Church Workefs PenS￿n Fund to pay expenses of £16.$00"per year. but this WAI be deducted from the surplus 10 employees16fv11 time 4 part-timel are members ofihe TeaC￿T5. Pension Srhernewitht￿ LOBS making a Coniritwt￿Th of 23.68%12023.. 23.68%) of their salary. Page 52

LONDON DMXESAN BOARD FOR SCHOOLS NOTE5 TO THE FINANCIAL STATÉMEIITS FOR THE YEAR ENDEO 31 MAACH ZOZ4 ZI CONSOLIDATED STATEMENT OF FINANCIAiACTIVITIES FOR IHEYEAR ENDED JI MARCH 2023 Restated Rtststed flestated Unrestricted RestrKted Endowment Funds Funds Funds £OOW5 EIXIO'S S38 l.S47 972 36 Restated Total Incomt fmrn.. DoThat¢ons ar￿ Bianls Charitable actwities Other trading attNilles Inve5tmeThts Other Total ÉIYJtys 559 2.471 972 1,576 21 925 i.S40 Raising funds and investment management Commercial trading operat¢ons Charitable acti4itie5 Total 15771 15771 Net Ilossesllgains on inve5tmeThts Net Incomelle¥pendiiurel before tran51e Transfers between funds Net income 622 A.138 499 739 42 1421 577 697 14991 499 1421 697 Other recoEnised Kains Change in fair value provlslon of debi¢ys Net movernert in luffjds 739 697 Reconciliation d Funds Fund balances ai the beginning ol the year Net fflovernenl in fynds for vear FuThd balanttt •1 the end olfht year 559 41.582 739 1.371 42 43,512 697 11 Prior perlod adjustment As set out in the accounr*ng policie5 the direct0[5 have revbewed their accounting polyfgr ESFA and Local Auihority fundirsE lor schools and has £on¢luded that the charitable company is actSn8 as agent on behèll ol the funding b¢)dy arKI individual ￿hOc1S for whom the 8rants are intended. Accordingly the income and rela¢ed expefyjituie is eXc￿ded from the statement ol finarKial acti¥ities To effect the ¢h•n8e a prior pwiod adjustment ha5 been made which has the ellect ol treating the comparative amtsunts as if they had been p￿pared under the new accounting poh"cy. The table beknw shows the impact of the chance on the financKal statements.. zoi3 £OOO's 2023 £￿0.$ Total fvnds at the beginn4ngof the period as previous￿t stated 43,51Z effeu of fem¢wln88rant funding Irom= Income Expenditure 19.4931 9.493 Ttstal funds at the beginning of theyear as ￿tated-. Iz In addition to the above. funding amotsniin8 ro £4.488k held in an a8enry capacity wa5 erroneously treated in the financial stètements lor 2022-2023 a5 restricted income. This h35 been rtrnoved fr¢)m income in the resiated comparatNe period. This had no irnpact on the openln8 reser¥es in the Comparative period. The impatt of ihe ch3nge accounting ￿lIc¥ in the current tinanciol year is a redU￿N in income and expendTture gf £6.437k. On the balance sheet. as the amounts ￿CeiVed are into the bank accouni of the charitable comparw a corresponding crediror is included ro represent the obligation to the ESFA, LA antl school 8overnois. Where amounts are expended by the chanrable company in advance of receipts then this bs reflected as a debtor Sn the financlal statements. Page S3

LONDON DIOCESAN 80ARD FOR SCtrIOOiS NOTES TO ThE FINANOAL 5TATEMENfs FOR ThE YÉAR ENDED JI MARCH 2024 22 Prlor wriod adjustment Icontinuedl e in treatment Thbs Is a sep•r•¢ely re815tered charity that i% contiolled by ihe LO8S. HistwKally ihere was an ifiteniion io link the charities using ¥ linkini order (p￿vIously uniting directiofil and on the assumption that this was in place the LDBS awegated the futxls within tl ￿$tritte￿ lund5 of the charity (with distinction in the notes to highlighi the specfft purposes set o(rt in the tru51 deed). The reality i%.that no linking ordei was ever in place and SD the flnantial $taternent5 of the L08S should have consolidaied C&0. The impatt ol this on the fin•ncial statements is that tho company Only fund5 of L08S wiIIBo down but the 8iDUP assetswill remain as they a￿. This has a ne8k6ible affect on rhe financial 5tsternents and has no impact on the way we manage these funds. In due course, upon rat￿)nall$1n8the balance sheet of C&D I￿re may be an opportunity for restructurinE C&D however al the balance Sheet sjate and date of snin8 the linancial statements C&0 is a subdiary tharity of the LDBS. As pre¥iou51y Ilestaternent- Re5taternent. AS ie5tated rep)rt SCA fvndinz C&D •Con Fin Incorne frorn charitable athitie5 xpenditure on charitable attNltes 16.4S3 I13,￿7> 113,9811 9,493 2,472 14.4141 Chan stotheco Cieditor5 falling due within one year Restricted funds 13.0291 46.810 14.4891 {4,4891 17.5181 42,321 Cha lance Shee Inve5tfflents Trade and Oiher ￿btOrS Cash ai bank arxl in hand Creditors falling due wiihin one year Creditors fallin8 due after more than or veal Restricted funds Éndowed funds 42.896 495 16.8771 1761 36.019 419 8,537 .13,5471 11,7891 40.256 138 12,8121 11,8431 46,810 lJ29 14.4891 3.754 54 12.Cffj51 11.1911 14.4891 P3ge 54