LONDON DIOCESAN BOARD FOR SCHOOLS
ANNUAL TRUSTEE REPORT Including Strategic Report And Financial Statements
FOR THE YEAR ENDED 31 MARCH 2025
LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
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 2025
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 | 26 |
| Independent auditor's report | 28 |
| Consolidated statement of financial activities | 31 |
| Consolidated balance sheet | 32 |
| Charitable company balance sheet | 33 |
| Consolidated statement of cash flows | 34 |
| Notes to the financial statements | 35 |
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
Church of England schools have been at the heart of education in London for many generations. In many places, the Church opened schools before the state did, and Church of England schools have continued to innovate up to the present day.
The education sector in London is facing some significant challenges not seen for a generation or more. The number of children living in the city continues to fall at a rapid rate, many schools are struggling to balance their budgets, and the pace of school closures within the Diocese, across wider London and nationally is increasing.
Against this challenging backdrop, pupils from diverse backgrounds attend LDBS Church schools, and they receive an excellent education and achieve strong outcomes. Church schools attract many children with special educational needs and/ or disabilities, and they continue to make a significant positive contribution to education in London.
This Annual Report highlights some of the many ways in which LDBS has supported and served Church schools, and advocated for the issues that affect them, over the last year. As you read, I hope that you will join me in thanks for God’s goodness and grace. Amidst the challenge there are joyful projects and inspiring examples of children, adults and schools flourishing.
Please pray with us that LDBS will remain a faithful servant to this generation of Church of England pupils, and that Church schools will continue to provide an excellent education and remain at the heart of education in London for generations to come.
I commend this Annual Report to you.
Revd William Rogers Interim Chair of LDBS Board
Our 2030 Vision is for every young Londoner to experience the love of God in Christ through schools which:
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Offer transformational outcomes,
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Enable pupils and adults to flourish,
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Are ‘Deeply Christian, serving the common good’.
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
1. LDBS Church Schools
As of March 2025, there were 154 state-funded schools in the Diocese of London with a designated Church of England religious character, referred to in this report as LDBS schools or Church schools, educating a total of 58,176 pupils (2024: 57,781). This reflects an overall increase of approximately 1,000 additional students attending Church secondary schools while the number in primary schools has continued to fall.
The proportion of academies is unchanged at 20%. The proportion of maintained schools working in formal collaborations (Partnerships and Federations) is steadily increasing. Overall, more than half of LDBS schools are part of a formal collaboration or an academy trust.
In 2024-25, LDBS Church schools have continued to be successful and effective on a wide range of measures. They remain at the heart of education in London and continue to make a significant contribution to the quality of education that is on offer to the children and young people of London.
There are many different ways to tell this story. In this report we set the context, share some summary data and excerpts from inspection reports, we look back at what has been achieved in the last year and ahead to our priorities for the coming year. For the interested reader, the website of each individual Church school and trust captures much more of the richness and diversity of the story of London Church schools.
1.1. The Current Context in London
The wider context is that the school system is going through a period of rapid organisational change. This is nothing new in our history. LDBS has been supporting schools since 1836, and for the last 100 years in our current form as an incorporated charity.
Many Church schools have served children through an ever-changing demographic, social and political landscape: Victorian school expansion, emigration out of London during and after the First World War, the economic challenges of the Great Depression, the Second World War evacuee programme, Post-War austerity, the 60’s baby boom and rapid school and housing expansion programmes, immigration to the UK with the freedom of movement across European boundaries, the Free School programme which answered the increasing population with dozens of new schools, and most recently the reducing number of children living in the city as a result of caps on housing benefit, Brexit, the cost of living crisis, the covid pandemic and falling national and global birthrates.
In this time the school estate has ‘breathed’ with the changing school age population, regularly expanding and contracting, and it will do so again through this current period.
Ultimately, having too many spare places stops a school from being financially viable. Local Authorities usually make decisions to close schools when there is too much surplus capacity in the primary and/ or secondary phases and no projected short- or medium-term growth.
Whilst we have seen some limited consultations this year which may result in the closure of three Church schools by January 26, we realise that decisions are often borne of local and national politics rather than on any consistent criteria that may be applied across the whole city. Council elections in London in May 2026 may supress the number of school closures in 2026 but, potentially, store up a more significant number of closures for 2027 and beyond. Many boroughs now have surplus capacity in their primary phase of 10-30%, with projections that the trend will continue. DfE recommend that Local Authorities manage school places with an overall surplus of 5-10%, to allow for in-year movement of pupils and to ensure some choice in the system. Anything beyond 10% starts to cause financial challenges for schools.
Schools that continue to set a balanced budget, and those who have slipped into deficit but are on track to clear those deficits within three years, are likely to fare better as the school estate continues to be reorganised. School budgets and finances are the responsibility of
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
school governors, but we urge schools to seek early advice and support from LDBS if they are not able to set a balanced budget over the next three years.
1.2. The ongoing success of LDBS Church schools
LDBS schools continue to serve a diverse cohort of pupils who are representative of the diocese as a whole.
diocese as a whole. |
|||
|---|---|---|---|
| State-funded mainstream schools in the 17 London boroughs and one county served by the London Diocese (2023-24) |
Only LDBS Schools |
All schools in diocese |
All schools in England |
| Recognised special educational need or disability | 18% | 17% | 17% |
| Disadvantaged (based on Free School Meal entitlement) |
30% | 25% | 24% |
| English is an additional language for the pupil | 42% | 43% | 18% |
| Pupils with a global majority heritage | 57% | 52% | 26% |
On average these pupils make more progress, and attain higher standards, than they would in other schools in London and nationally. The tables below show the achievements of Year 6 and Year 11 pupils in Summer 2024.
and Year 11 pupils in Summer 2024. |
|||
|---|---|---|---|
| Only LDBS Schools |
All schools in diocese |
All schools in England |
|
| Year 6 reaching the expected standard in reading, writing and maths |
71% | 69% | 61% |
| Year 6 reaching a higher standard in reading, writing and maths |
13% | 12% | 8% |
| Year 11 Progress 8: the mean progress that pupils make in eight subjects duringtheir time at secondaryschool |
0.48 | 0.35 | -0.01 |
| Year 11 Attainment 8: the GCSE grades that pupils achieve in eight subjects duringtheir time at secondaryschool |
52.5 | 51.4 | 45.8 |
A Progress 8 score of 0 indicates that pupils progressed at a rate in line with the expected average rate 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 0.50 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.
This is a tremendous achievement, and we congratulate the Church schools in the diocese. 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 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. In September 2025 Ofsted intends to introduce a new inspection framework which includes five grades across a range of categories, without a single word summary judgement.
The performance of LDBS Church schools against the current framework has shown continuous improvement over the past two years. No LDBS Church School has received a Requires Improvement or Inadequate judgement in this time compared to 10% nationally.
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
Ofsted no longer publish a summary grade, but they still provide grades for individual aspects of the inspection. We are thrilled that 100% of LDBS Church Schools are rated as Good or Outstanding for Leadership and Management or Quality of Education. This is a wonderful achievement.
Ofsted reports tell a similar story of Church schools being places where pupils receive a transformational education.
“It is an inspiring school where pupils flourish in its welcoming and inclusive environment. …Pupils across the school are highly motivated and confident learners. They consistently embody the school’s values by being respectful, trying their best and supporting each other. Behaviour is exemplary.”
St Clement Danes C of E Primary School, Westminster, Ofsted November 2024
“St Thomas’ CofE Primary School is a vibrant and inclusive community, where pupils thrive in a supportive environment. Pupils benefit from a nurturing atmosphere, where caring adults ensure they feel valued and secure. Pupils know they can rely on trusted staff members and the well-established routines to keep them safe and provide a sense of stability…. This distinctive approach ensures pupils leave St Thomas’ as articulate and well-rounded individuals.”
St Thomas’ C of E Primary School, RBKC, Ofsted January 2025
“the school has the highest expectations for pupils, including those with special educational needs and/or disabilities (SEND). Pupils are very well prepared for the next stage of their education. Staff work in close partnership with parents and carers, and the community, to deliver the best possible experience for all pupils.”
Holy Trinity C of E Primary School, Camden, Ofsted November 2024
SIAMS (Statutory Inspection of Anglican and Methodist Schools) inspections assess the impact of the school’s theologically rooted Christian vision. Inspection reports from 2024-25 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.
“The school’s Christian vision is deeply embedded and understood by staff, governors, pupils, and families. It reflects the needs and the context of this school and is lived out through love, care, and grace. This results in the thriving and flourishing of pupils and adults.
Trent C of E Primary School, Barnet, SIAMS, November 2024
“Leaders and staff at all levels are enthusiastic and dedicated to the life of this Church school. There is a cohesive staff team who live out the vision. Together, they have created an all-embracing sense of being part of a caring, nurturing and inclusive community.” St John of Jerusalem C of E Primary School, Hackney, September 2024
“.. they are innovative and aspirational in the opportunities they provide for students. Their thinking is responsive and highly strategic. Strong relationships with the diocese and local churches enable the school to connect with the community.”
Chelsea Academy, RBKC, SIAMS, November 2024
“The vibrant input from the local parish shapes worship and spirituality in the school. There is a strong partnership between the school and church. Thankfulness and joy frame the day with class reflections and prayers. Staff view these times as experiences which bring their class together.”
St Andrew’s C of E Primary School, Southgate, Enfield, SIAMS, Oct 2024
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
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 schools enable children and adults to flourish.
We congratulate Church schools across the diocese on the significant contribution that they have made over the last year to education right across the Diocese and thank them for the positive difference that they have made to the lives of the thousands of children and young people that they have served.
2. LDBS activity 2024-25
All of our LDBS activity is to further our charitable objectives, which are to:
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promote or assist in the promotion of education in the Diocese that is consistent with the faith and practice of the Church of England;
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promote or assist in the promotion of religious education and religious worship in schools in the Diocese;
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promote or assist in the promotion of church schools in the Diocese;
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promote co-operation between itself and other persons concerned with education in the Diocese.
LDBS activity takes place under three ‘brands’: LDBS, Grow Education Partners Ltd and Teaching London: LDBS SCITT. 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).
All Church schools receive a universal ‘core’ service, and 93% purchased additional optional extra services during 2024-25. 143 other schools across London purchased support or engaged with one of our LDBS programmes in the same period. The success of Church schools in London is a mark of the positive impact of LDBS support. We provide support in five ways:
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
- 2.1. Providing Enriching Opportunities for children and young people to experience experience the love of God in Christ the love of God in Christ
St Paul’s Cathedral service
One of the highlights of this year was the annual LDBS service at St Paul’s Cathedral in January 2025. This year the service explored the theme of ‘The God of Eternity’. 300 pupils helped to lead the service, pray, took part in the dramatic reading, or sung in the massed choir. There were more than 1500 people from 100 Church schools in attendance, many of whom were joining worship at the Cathedral for the first time. We are thankful to the team at the Cathedral for making it possible to bring together pupils who represented the diversity and richness of Church schools for a memorable service.
“An opportunity to come together as a Diocesan community in such a wonderful location.”
“The feeling of belonging to something so much bigger than one school – a family”
“Today I learned… that God is everlasting”
“My experience today helped me reflect on… my relationship with God”
St Paul’s Cathedral Service Participants, January 2025
- 2.2. Developing schools as deeply Christian places that serve the common good and offer a transformational education, with opportunities for all to flourish, regardless of background
“The personal touch means so much. It makes a big difference to feel you matter”
Feedback, Summer 2024
This year LDBS has retained the broad range of bespoke support that is provided to schools. Our teams make approximately 1000 visits to schools over the course of the year. Most are in-person; some are on-line. Around half of these visits are to support the Christian character of schools and their effectiveness. The remainder are to support matters such as personnel, governance, and property.
2.3. Developing People so that staff and governors have every opportunity to grow
‘Keep Your Head’ Day conference for heads, governors and clergy
Around 150 heads, governor and clergy attended a day conference in October 2024 aimed at equipping school leaders to lead in a sustainable way, with their own and others’ wellbeing in mind.
“reminded of tools to make us full vessels to serve our environments”
“Thanks. This felt like LDBS giving back and recognising what headteachers and Chairs of Governors need for themselves and their schools.”
“Food for thought about how I live well as a leader.”
Conference delegates, October 2024
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
‘More Precious than Rubies’ Residential conference for senior leaders
More than 50 CEOs, Executive Heads, Heads, and Heads of School joined us in Eastbourne for a three-day conference on the theme of wisdom.
“Loved the Christian values woven through the every day”
“To think about wisdom has been a first for me at a conference. I’m asking myself why we haven’t been debating this years ago?”
“I appreciated the opportunity for more philosophical thinking and discussion – you never get time in school and it’s invaluable for shaping broad thought processes we can put into all our work - and lives!”
“Well organised conference”
Conference delegates, March 2025
Human Resources
LDBS provides an essential HR and parental relationships service with additional optional extras. Schools are increasingly drawing on this service as, sadly, many schools are seeing their budgets affected by reduced pupil numbers and/or increases in costs which may result in the need for restructure and/or redundancy.
“HR - OUTSTANDING”
“Responsiveness to enquiries and HR experience and knowledge is very strong”
Feedback, Summer 2024
Training for RE leaders
Three times each year there is a full day training session for primary school RE leaders, to equip them to lead the subject with skill and confidence, and to make sure that the LDBS RE syllabus is used effectively.
“Lots of practical ideas to share with staff and to develop strategic leadership of RE.”
“Open and honest discussions” “fantastic and very informative”
RE leaders’ training, 2024-25
The Platform
Church schools across London teach pupils from backgrounds as diverse as the city we serve. It is important that staff are equally diverse, so we run a range of initiatives to address historic under-representation. The Platform is a programme for aspiring leaders with a global majority heritage. It is vital that school leadership teams include the full range of experience, wisdom, approach and thought if we are going to make significant progress in closing the gaps that still exist in the attainment and school experience of different groups; The Platform is a crucial programme.
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
“I feel inspired to take a step forwards.”
Platform Participant, Autumn 2024
Teaching London: LDBS SCITT (School Centred Initial Teacher Training)
The SCITT trains up to 100 primary teachers each year as well as providing short courses for TA and HLTA development. The SCITT is rated as Outstanding by Ofsted.
“I recently completed my teacher training programme at LDBS: SCITT and I couldn’t be happier with my experience. The support, guidance, and overall quality of the programme was great. The staff at the SCITT are really supportive.”
Trainee, Summer 2024
NPQs (National Professional Qualifications)
LDBS continues as the Delivery Partner of the National Society for Education, providing the suite of Church of England NPQs for the London region. The programme is rated as Outstanding by Ofsted.
“Clear, focused presentation materials. Lovely facilitators and a great opportunity to talk to colleagues.”
“I am enjoying the course and finding it very useful – many thanks!” NPQSL Cohort 6, October 2024
2.4. Developing school operations and logistics so that Church schools are
effective, effective, safe and sustainable safe and sustainable
Support has included:
School Business Manager (SBM) conferences
School finances and personnel matters are increasingly significant in the sustainability of schools, and the pace of change is significant, so the LDBS termly conferences for School Business Managers, which reach 30-50 SBMs each term, are becoming increasingly important for sharing best practice.
“Good to have an idea of practices in other schools – some not as good as mine and some better than mine. I know what to aim for!”
SBM, January 2025
Operations – RAAC update
We reported last year that two Church schools in the Diocese had been found to be made in part from RAAC (Reinforced Autoclaved Aerated Concrete), 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. The two schools have continued to absorb significant amounts of officer time and resource this year. A programme of works has now been agreed with DfE, and funding secured, in relation to one school. The second school has been allocated to the
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
School Rebuilding Programme (SRP) Phase 1 and is in the early stages of the design phase of the feasibility stage. We anticipate the refurbishment/ rebuilding of the school will commence in late 2026 and be delivered in 2030/31.
Governor recruitment
We continue to seek LDBS Foundation Governors with a Christian faith to act as effective stewards of Church schools and to ensure that the Christian foundations of the school continue to be developed and promoted in 2025. We continue to work hard to attract candidates from diverse background and with wide ranging experience to stand as governors, recognising the importance of diverse boards in strong governance. This year we were pleased to hold our first Commissioning Service for recently appointed governors, led by the Rt Revd Dr Joanne Grenfell, Bishop of Stepney and Chair of the LDBS Board.
“Very informative and a moving Commissioning Service”
New governor, January 2025
2.5. Shaping Education as a pro-active, long-term partner in a strong education system system
As set out at the start of this report, London’s demography has continued to change rapidly this year. 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 across 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. On top of the falling pupil numbers that we have already seen in recent years, the most recent London Councils projection (February 2024) is for a further fall of 7.0% in the number of Reception pupils by 2028-29 in Inner London and 2.3% in Outer London. They are also now projecting that the number of secondary pupils is going to start to fall, with a 6.7% fall in Year 7 admissions in Inner London and 1.5% in Outer London.
The changing demography of London means that school organisation is changing rapidly. Church schools are varied and diverse, but their rich history means that, on average, they are smaller than other London schools. This is proving a particular challenge at the moment because even a relatively small reduction in pupil numbers can raise questions about sustainability. It is a sad demographic reality that many schools are closing across London, and Church schools are not immune to these realities.
In seeking the common good, we aim to work collaboratively with other bodies who share our view that a strong education system is good for all schools and all pupils. In areas where some school closures are needed for the overall health of all schools, we aim to work constructively with Local Authorities and other partners to ensure that the overall balance of Church schools is maintained and that evidence-based, equitable decisions are made.
One of the ways that small schools can remain sustainable is to group together in Partnerships (temporary groupings for up to two years where each school retains separate governance), Federations (long-term groupings of maintained schools with shared governance) or Multi-Academy Trusts (long-term groupings of academies). LDBS provides advice and practical support for organisational changes. We urge every governing body to review the school’s three-year financial forecast with realistic assumptions about pupil numbers and to take early action if reorganisation is needed.
Sadly, two Church of England primary schools are due to close in August 2025 after their Local Authorities issued closure notices: St Mary’s School, Stoke Newington (Hackney) and St Jude & St Paul’s School (Islington). Both these schools are deeply rooted in their local communities and will be very much missed. The reasons for closure are similar: both schools were in a
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
financial deficit position because of a falling pupil roll and were judged by the Local Authority to be no longer sustainable.
Consultations are underway in relation to one further Church school, St Cuthbert with St Matthias School (RBKC). The school has a proposed closure date of December 2025.
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 Board.
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.
| Trustee | Other relevant roles | Term of office end date |
|---|---|---|
| Rt Revd Dr Joanne | The Bishop of Stepney | Ex Officio |
| Grenfell | Lead Safeguarding Bishop, Church of England | |
| Chair of the Board | Trustee, Woodard Corporation (until 02.25) | |
| Until 05.09.25 | ||
| Paula Aitcheson-Walker Until 31.03.25 |
Headteacher, Christ Church CofE Primary School NW1, Camden (until 31.03.25) LDBS Adviser |
Until 31.03.25 |
| Stephanie Ajayi | Chair of Governors, The Blue CofE Primary School, | 31.12.25 |
| Hounslow (until 12.24) | (First term) | |
| Chair of Hounslow School Appeal Panel | ||
| Catherine Allard | Headteacher, John Keble CofE Primary School, Brent | 31.12.25 (Second term) |
| Revd. Stephen Coleman | Priest-in Charge, The Grosvenor Chapel |
Until 31.12.24 |
| (until 31.12.24) | Trustee, The Wren Academy Trust | |
| Chair of Governors, St Georges Hanover Square CofE | ||
| Primary School Westminster (from 07.24) | ||
| Trustee, Ecclesiastical Law Society | ||
| HonoraryResearch Fellow,St Stephen’s House,Oxford |
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
| Trustee | Other relevant roles | Term of office end date |
|---|---|---|
| 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 (until 08.24) | 31.12.27 |
| Trustee,St Luke’s CofE PrimarySchool,Camden | (Second term) | |
| Simon Judge Vice Chair of the Board until 10.07.24 |
Trustee, Kemnal Academy Trust Trustee, The City Literary Institute (until 12.24) |
31.12.25 (Second term) |
| Revd. Matthew Knox | Chaplain, St Paul’s School | 31.12.27 |
| From 01.01.24 | (First term) | |
| Revd. William Rogers | Vicar, St Matthew’s Church, Fulham | 31.12.28 |
| Vice Chair of the Board | (Second term) | |
| from 10.07.24 | ||
| Interim Chair from | ||
| 05.09.25 | ||
| Carla Muñoz Slaughter | Chair of Governors, St Cuthbert and St Matthias CE School |
31.12.28 (Second term) |
| Zoe Vickerman | London Diocesan Synod member | 31.12.28 |
| Chair of Governors, St Pauls Primary School W6 | (Second term) | |
| Trustee,Ad Omnia Renovanda | ||
| Michael Poulard | 31.12.28 | |
| (First term) |
This year we welcomed Michael Poulard as a trustee after Fr Stephen Coleman came to the end of his second term. We are grateful to Fr Stephen for his faithful service as a trustee, for his contribution to establishing the new board in 2022 and 2023, and for his unwavering commitment to Church schools in the diocese.
Three trustees came to the end of their first term at the end of 2024 and we are grateful that each of them has agreed to serve for a second term, and that they have been reappointed by the Bishop of London: Revd William Rogers, Carla Muñoz Slaughter and Zoe Vickerman.
This year, Paula Aitcheson Walker stepped down as a trustee and as Headteacher of Christ Church School in order to take up a paid position at LDBS.
At the end of 2025, two trustees will reach the end of their second term: Simon Judge and Catherine Allard. We are grateful to them both for their significant contribution through a period of transition for LDBS, and recruitment is underway for their successors.
In addition, a further ten people have been co-opted by trustees to committees. 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 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
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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.
Trustees are expected to maintain up-to-date 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) (Chair until 31.12.24), Monica Duncan (Chair, trustee) (Chair from 01.01.25), Rev Matthew Knox (trustee), Victor Selvaraj (co-opted), Zoe Vickerman (trustee)
The Education Committee met three times in 2024-25. The role of the committee is to provide scrutiny and assurance in relation to the service that LDBS provides to schools, including through the SCITT (School Centred Initial Teaching Training programme) and Grow Education Partners (traded services). The committee has considered a wide range of presentations and reports, including: Christian distinctiveness, SIAMS and Ofsted inspection outcomes, RE teaching in Church schools, support for personnel matters, school effectiveness, initial teacher training, City & Diocese grants, support for school governance.
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. In 2023-24 the committee noted that significant improvements had been made in this regard, and requested a review as to whether there was an ongoing need for a separate governance committee. The review concluded in the Autumn 2024 and in December 2024 the Board agreed to dissolve the committee and to absorb its responsibilities into the Education Committee. The committee met for the final time in November 2024.
3.4.3. Operations Committee
Members : Stephanie Ajayi (Chair, trustee), Richard Brown (co-opted), Anthony David (coopted), Alen Ong (co-opted) Michael Poulard (co-opted, trustee from January 2025), Rev William Rogers (Vice Chair, trustee), Rt Revd Dr Joanne Grenfell (trustee, from January 2024 to December 2024), Fr Richard Collins (trustee, from January 2024).
The Operations Committee met four times in 2024-25 to determine policy and monitor financial, property and internal LDBS HR matters. Significant business has included: the revised LDBS investment policy and strategy, the allocation of School Condition Allocation funds, and a range of property and estate matters.
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
Members : Adrian Barrett (Vice Chair, co-opted), Simon Judge (Chair, trustee), Elizabeth Marshall (co-opted), Monica Duncan (trustee, until March 2024), Carla Muñoz Slaughter (trustee, from January 2025).
The Risk & Audit Committee provides an independent view of the Board’s financial affairs, internal controls and risk management. It met three times in 2024-25 for oversight of the external audit process and the approach to risk management. Members of the LDBS leadership team attend meetings on a rotating basis to present to the committee about the risks faced by their teams, and the way these risks are managed.
3.4.5. Standing Committee
Members: Chair and Vice Chair of the Board and Committee Chairs.
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 2024-25. 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 2024 and recommended three trustees for reappointment for a second term and one trustee for a first term. It will meet in 2025 to recruit at least three new trustees.
3.4.7. Grow Education Partners Ltd
Directors: Andrew Garwood-Watkins (Chair, employee), Adeola Oledejo (co-opted, until 31.08.25), Helen Ridding (Managing Director, employee, until 20.05.25), Penny Roberts (Vice Chair, employee), Monica Duncan (trustee, from March 2024).
The Grow board meets three times each year to review the activity and finances 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 2025
4. Financial Report
4.1. Overall Financial Health
| Education | UST1 | City & | **SBMS2 ** | Others | Endowment | TOTAL | TOTAL | |
|---|---|---|---|---|---|---|---|---|
| Diocese | capital | 2025 | 2024 | |||||
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
| School subs | 638 | - | - | 896 | - | - | 1,534 | 1,532 |
| and sales | ||||||||
| Grow | 1,043 | - | - | - | - | - | 1,043 | 911 |
| Education | ||||||||
| sales and fees | ||||||||
| SCITT | 986 | - | - | - | - | - | 986 | 773 |
| Donations and | 619 | - | 20 | - | - | - | 639 | 580 |
| grants inc. LDF | ||||||||
| Investment | 7 | 2,331 | 294 | - | 323 | - | 2,955 | 2262 |
| income | ||||||||
| Reimbursemen | 28 | - | - | - | - | - | 28 | 61 |
| t from schools | ||||||||
| Other | - | 174 | - | - | - | - | 174 | 317 |
| Charitable | ||||||||
| income | ||||||||
| TOTAL | 3,321 | 2,505 | 314 | 896 | 323 | - | 7,359 | 6,436 |
| INCOME | ||||||||
| LDBS | (1,833) | - | - | - | - | - | (1,833) | (2,503) |
| SCITT | (832) | - | - | - | - | - | (832) | (831) |
| Grow | (979) | - | - | - | - | - | (979) | (910) |
| Education | ||||||||
| Charitable | - | (1,116) | (87) | (1,383) | (189) | - | (2,775) | (2,383) |
| activities | ||||||||
| TOTAL | (3,644) | (1,116) | (87) | (1,383) | (189) | - | (6,419) | (6,627) |
| EXPENDITURE | ||||||||
| Operating | (323) | 1,389 | 227 | (487) | 134 | - | 940 | (191) |
| Surplus/(Deficit) | ||||||||
| Transfers | ||||||||
| between funds | 323 | (323) | - | - | ||||
| Net | ||||||||
| (losses)/gains | 587 | (6,930) | (160) | - | (592) | (51) | (7,146) | 57 |
| on investments | ||||||||
| Net movement | 587 | (5,864) | 67 | (487) | (458) | (51) | (6,206) | (134) |
| in funds | ||||||||
| Opening | - | - | - | - | - | 1,421 | 1,421 | 1,329 |
| endowment | ||||||||
| capital | ||||||||
| Closing | - | - | - | - | - | 1,370 | 1,370 | 1,421 |
| 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 2025
| Net movement | - | - | - | - | - | (51) | (51) | (51) | 92 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in endowment | ||||||||||||
| capital | ||||||||||||
| Opening | 559 | 32,862 | 5,209 |
949 | 3,075 |
1,421 | 44,075 |
44,209 | ||||
| reserves | ||||||||||||
| Closing | 1,146 | 26,998 | 5,276 |
462 | 2,617 | 1,370 | 37,869 |
44,075 |
||||
| reserves | ||||||||||||
| Balance Sheet | ||||||||||||
| City & | Endowment | TOTAL | TOTAL | |||||||||
| Education | UST | Diocese | SBMS |
Others | capital |
2025 | 2024 | |||||
| Tangible fixed | ||||||||||||
| assets | 30 | - | - | - | - |
- |
30 | 27 | ||||
| Property | 587 | 23,559 | 5,142 | - | 1,851 |
- |
31,139 | 38,084 | ||||
| Investments | - | 2,616 | - | - | 368 |
1,370 |
4,354 | 4,390 | ||||
| Total | 617 | 26,175 | 5,142 | - | 2,219 | 1,370 |
35,523 | 42,501 | ||||
| Current assets | 1,240 | 15,344 | 333 | 1,616 |
763 |
- |
19,296 | 13,808 | ||||
| Liabilities | (711) | (14,521) | (199) | (1,154) |
(365) |
- |
(16,950) | (12,234) |
||||
| Net current assets |
1,146 | 26,998 | 5,276 | 462 | 2,617 |
1,370 |
37,869 | 44,075 |
Following the reduction in value of the property investment portfolio on formal external revaluation of £7.5m and taking into account the operating surplus for the year overall the net assets of LDBS decreased to £37.9m (2024: £44.1m).
Cash balances increased to £12.7m which £2.2m represents deposits received from schools in advance of expenditure for building maintenance.
Net current assets exceed long term creditors by £2.3m (2024 £4.9m).
The trading activities of Grow Education Partners Limited achieved total sales of £1,043k (2024: £911k) which produced a surplus of £64k (2024: £1k).
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 86% (2024: 69%) 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 2025
| Group unrestricted income | 2025 | 2024 |
|---|---|---|
| £000's | £000's | |
| LDBS School subscriptions and sales | 638 | 645 |
| Grow Education sales and fees | 1,043 | 911 |
| SCITT | 986 | 773 |
| Donations incl London Diocesan Fund | 619 | 560 |
| Interest income | 7 | 20 |
| Reimbursement from schools | 28 | 61 |
| 3,321 | 2,970 | |
| Group unrestricted expenditure | ||
| LDBS | 1,833 | 2503 |
| SCITT | 832 | 831 |
| Grow Education | 979 | 910 |
| 3,644 | 4,244 | |
| Group operating deficit | (323) | (1,274) |
| Grant from Uniform Statutory Trust | 323 | 1,274 |
| Other charges | 587 | - |
| Net movement in unrestricted funds | 587 | ~~-~~ |
| Opening reserves | 559 | ~~559~~ |
| Closing reserves | 1,146 | ~~559~~ |
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 LDBS Church school sites and buildings.
We undertook an external revaluation of the investment portfolio this year which resulted in a drop in the value of property. The reason for the drop in values is the increase in supply of education property following a series of school closures in both the voluntary and independent sectors which has caused downward pressure on rents along with a shift in the interest rate and risk appetite since the last valuation in 2020. The Uniform Statutory Trust ended the year with resources of £31.3m (2024: £37.2m).
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
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.
The investment property held by City and Diocese was revalued at the year end at £5.1m. The reason for the reduction in value reflects a change in interest rates and risk appetite in the market since the last valuation. The net worth of the City & Diocese Fund at the end of March 2025 is £2.0m (2024: £2.0m) with the permanent endowment value decreasing slightly to £1.2m and the accumulated surplus on unrestricted funds at £0.8m.
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. The Charity awarded £23,361 in grants to 193 pupils in 2024-25.
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.
| 2025 | 2024 | |
|---|---|---|
| £000's | £000's | |
| School Balances brought forward | 949 | 632 |
| School subscriptions | 896 | 887 |
| 1,845 | 1,519 | |
| Expenditure | (1,383) | (107) |
| School Balances carried forward | 487 | 949 |
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.
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.
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
6. Relationships with other bodies
6.1. Related Parties
6.1.1. Voluntary Aided and Voluntary Controlled Schools
Each voluntary aided school, voluntary controlled school, and voluntary aided federation, 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 2024-25 LDBS provided in-kind benefits to the St Mary Magdalene Academy to the value of £99k through the use by the Academy of the former Clerkenwell school buildings. In addition, LDBS has provided services to them of £28,076.
In 2024-2025 LDBS provided services to the LDBS LAT 1 of £169,941
In 2024-2025 LDBS provided services to the LDBS LAT 2 of £25,578
In 2024-2025 LDBS provided services to Wren Academies Trust of £32,259
In 2024-2025 LDBS provided services to Twyford Church of England Academies Trust of £36,817.14
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 £619k (2024: £558k) with a cash element of £171k (2024: £171k).
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
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:
-
Churches and Church of England office holders within the Diocese of London
-
The National Society
-
The other Diocesan Boards of Education
-
The Education teams in the 18 Boroughs in which there are Church schools in the London Diocese, and London Councils
-
The main Unions representing school staff
-
The Regional Directors’ office of the DfE
-
The other DfE teams responsible for regulation of the education sector
-
Ofsted and other bodies responsible for school accountability
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, Hackney Free and Parochial Schools Educational Trust 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 2024. LDBS employs staff on terms comparable to those working in schools; in particular, depending on the role, the national teachers’ pay scales, and the pay scales used in schools for support staff.
7.2. Safeguarding Policy
LDBS Trustees approved the current Safeguarding Policy in November 2024, 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’ .
7.3. Finance Policies
7.3.1. Reserves Policy
A refreshed Reserves Policy for LDBS was approved by trustees in March 2024, and for the City & Diocese Voluntary Fund in March 2025. For 2024-25 the agreed minimum reserve for LDBS, based on three months’ salary and consultant costs, was £685,000. On 31 March 2025 the LDBS reserve account stood at £2,437,636.
Investment Policy
A refreshed Investment Policy and Strategy was approved by trustees in March 2025. The objectives are to maintain the long-term capital value and to provide a stable income stream
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
to LDBS to enable us to provide enhanced support to beneficiaries. We have published a summary of our approach to managing investments, along with a set of FAQs, on our website.
At the year-end approximately 89% of net capital resources are held in property and 11% in cash. At 31 March 2025, all but one property was 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% (2024: 5.3%) with income providing 3.2% (2024: 3.2%) and capital depreciation of -0.51% (2024: 2.13%) investments performed in line with expectations.
8. Looking ahead – risks and priorities
8.1. Priorities for 2025-26
The pattern of school organisation across London is rapidly changing. For example:
-
The average school is becoming smaller as many schools make formal reductions in the number of pupils on roll because fewer children are applying to join the school.
-
Many schools are restructuring their staff, which sometimes includes redundancy, to reflect a fall in the number of pupils on roll and reduced budgets.
-
Many boroughs are amalgamating and closing schools or considering this for future years.
-
The rapid increase in the number of pupils with special educational needs, and the commitment to inclusive mainstream schools, means that many mainstream schools are opening Additionally Resourced Provisions (ARPs) to support a group of students with a specific educational need.
-
Ongoing differences in outcomes for different groups of pupils: the racial and social background of pupils continues to be a factor in their attainment and flourishing within the education system, and this remains a priority.
-
Some schools are opening new nursery provision or extending the age range or operating hours of existing nurseries.
-
Stand-alone small primary schools are becoming much less common. Many more schools are sharing an executive headteacher between up to five schools and operating in Partnership or Federation.
-
In London we have not seen any significant growth in the number of schools joining academy trusts.
All these changes are affecting Church schools as much as other schools.
There are other wider issues that could have a significant impact on education over the coming years. There has been a significant increase in the numbers of pupils being educated at home and it is not yet clear whether this is a short-term trend or one that is set to continue to grow. The impact of Artificial Intelligence is something that we are only just beginning to contemplate as a sector.
Our LDBS priority is to equip school leaders and governors to navigate these issues with wisdom so as to secure the effectiveness of the schools for today and their long-term stewardship for tomorrow.
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.
School amalgamations, closures and reorganisations have been part of the rhythm of education in London for the last 200 years and are not in and of themselves a risk to the sustainability of LDBS. As we look ahead to 2025-26, we aim to continue to approach the
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
challenges faced by today’s Church schools with the same resilience and creativity as our forebears did in the past. We draw hope from the lessons of history.
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 2025-26.
If future governments continue to provide capital funding for school buildings at the same level as they are providing this year and in recent years, we calculate that LDBS Church schools will be £5m short of the minimum level needed to keep school buildings safe, dry and warm. Finishing the development and then publication of our Estate Management Strategy is a priority for 2025-26.
Internally there has been a lot of change at LDBS and this will continue for 2025-26 and beyond. Our priorities are to make sure that in all our activity we are equitable, consistent, and that we made evidence-based decisions, and we have begun to simplify some of our internal structures. We operate under three ‘brands’ (LDBS, Teaching London: LDBS SCITT and Grow Education Services Ltd). Over the last year we have moved to a consistent set of policies and procedures, and this will continue in 2025-26.
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), we are 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.
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.
LDBS trustees identified six overarching strategic risks for 2024-25 along with appropriate mitigations:
-
Internal LDBS, GROW and Teaching London organisation and culture,
-
School sustainability leading to school closures or a fall in quality,
-
The strength of school governance, recognising the significant decisions that governors and trustees need to make in this season in relation to school organisation matters
-
The wider context of the Church of England with potential reputational damage for schools putting parents off from applying for school places in Church schools
-
Estate managements ensuring long-term planning of decarbonisation and school buildings that are fit-for-purpose for the next generation,
-
Unknown unknowns, including short-sighted decision making because of missed trends.
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 2025
The Risk & Audit Committee takes a risk-based approach to internal scrutiny. 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:
-
Cost of living increases in staff costs through wage inflation,
-
A reduction in rents received from investment properties,
-
Interest rates falling faster than our budget assumptions.
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 and churches 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.
10. Ultimate undertaking
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LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
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:
-
Select suitable accounting policies and then apply them consistently.
-
observe the methods and principles in the Charities SORP.
-
Make judgements and estimates that are reasonable and prudent.
-
State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
-
there is no relevant audit information of which the charitable company's auditor is unaware; and
-
the Trustees have taken all steps that they ought to have taken, as Trustees, in order to make themselves aware of any relevant audit information and to establish that the charitable company auditor is aware of that information.
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).
Page 26
LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
HaysMac LLP has expressed willingness to continue in office. In accordance with Section 487(2) of the Companies Act 2006 a resolution to reappoint HaysMac LLP was passed at the Trustees’ meeting held on 09 July 2025.
The Trustees’ Annual Report (including the Strategic Report) was approved by the Board on 09 July 2025.
On behalf of the Board
Revd William Rogers
Interim Chair of LDBS Board London Diocesan Board for Schools
Company number 00198131
Registered Office: 36 Causton Street, London SW1P 4AU
Page 27
LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
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 2025 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:
-
give a true and fair view of the state of the groups and the parent charitable company’s affairs as at 31 March 2025 and of the group’s net movement in funds, including the income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Page 28
LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees’ Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors’ report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.
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:
-
adequate accounting records have not been kept by the parent charitable company; or
-
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit Responsibilities of trustees for the financial statements
As explained more fully in the trustees’ responsibilities statement set out on page 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 29
LONDON DIOCESAN BOARD FOR SCHOOLS ANNUAL TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025
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:
-
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud.
-
Evaluating management’s controls designed to prevent and detect irregularities.
-
Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
-
Challenging assumptions and judgements made by management in their accounting estimates.
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:
Page 30
LONDON DIOCESAN BOARD FOR SCHOOLS
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | Restricted | Endowment | Total | Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | ||||
| 2025 | 2025 | 2025 | 2025 | 2024 | ||
| Income from: |
Notes | £000’s | £000’s | £000’s | £000’s | £000’s |
| Donations and grants | 3a | 619 | 20 | - |
639 |
578 |
| Charitable activities | 3b | 1,652 | 896 | - | 2,548 |
2,368 |
| Other trading activities | 4 | 1,043 | - | - | 1,043 | 911 |
| Investments | 3c |
7 |
2,954 | - | 2,961 | 2,262 |
| Other income | - |
168 |
- | 168 | 317 | |
| Total | 3,321 | 4,038 | - |
7,359 |
6,436 | |
| Expenditure on: | ||||||
| Raising funds and investment | ||||||
| management | 5a |
- |
(1,031) | - | (1,031) | (820) |
| Commercial trading operations | 4 |
(979) |
- | - | (979) | (910) |
| Charitable activities | 5b | (2,665) | (1,744) | - | (4,409) | (4,897) |
| Total | (3,644) | (2,775) | - | (6,419) | (6,627) | |
| Net (losses)/gains on investments | 587 | (7,682) | (51) | (7,146) | 57 | |
| Net (expenditure)/income before | ||||||
| transfers | 264 | (6,419) | (51) | (6,206) | (134) | |
| Transfers between funds | 7 | 323 | (323) | - | - | - |
| Net income/(expenditure) | 587 | (6,742) | (51) | (6,206) | (134) | |
| Other recognised gains | - | - | - | - | - | |
| Net movement in funds | 587 |
(6,742) | (51) | (6,206) | (134) | |
| Reconciliation of Funds | ||||||
| Fund balances at the beginning of | ||||||
| the year | 559 | 42,095 | 1,421 | 44,075 | 44,209 | |
| Net movement in funds for year | 587 | (6,742) | (51) | (6,206) | (134) | |
| Fund balances at the end of the year | 1,146 | 35,353 | 1,370 | 37,869 | 44,075 |
All income and expenditure have been derived from continuing activities. There were no other gains and losses in the year.
The accompanying accounting policies and notes on pages 35 to 54 form an integral part of these financial statements.
Page 31
LONDON DIOCESAN BOARD FOR SCHOOLS
CONSOLIDATED BALANCE SHEET AT 31 MARCH 2025
| Unrestricted | Unrestricted | Restricted | Endowment | |||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Group | Group | ||
| 2025 | 2025 | 2025 | 2025 | 2024 | ||
| Notes | £000’s | £000’s | £000’s | £000’s | £000’s | |
| Fixed assets | ||||||
| Tangible fixed assets | 8 | 30 | - | - | 30 | 27 |
| Investments | 9 | 587 | 33,536 | 1,370 | 35,493 | 42,474 |
| 617 | 33,536 | 1,370 | 35,523 | 42,501 | ||
| Current assets | ||||||
| Finance lease receivable after | ||||||
| more than one year | 10 | - | 1,116 | - | 1,116 | 1,155 |
| Finance lease receivable within | ||||||
| one year | 10 | - | 79 | - | 79 | 76 |
| Trade and other debtors | 11 | 813 | 4,596 | - | 5,409 | 2,617 |
| Cash at bank and in hand | 427 | 12,265 | - | 12,692 | 9,937 | |
| 1,240 | 18,056 | - | 19,296 | 13,785 | ||
| Liabilities | ||||||
| Creditors falling due within one | ||||||
| year | 12a | (711) | (14,660) | - | (15,371) | (10,497) |
| Net current assets | 529 | 3,396 | - | 3,925 | 3,288 | |
| Total assets less current liabilities | 1,146 | 36,932 | 1,370 | 39,448 | 45,789 | |
| Creditors falling due after more | ||||||
| than one year | 12b | - | (1,579) | - | (1,579) | (1,714) |
| Total assets | 1,146 | 35,353 | 1,370 | 37,869 | 44,075 | |
| Funds | ||||||
| Unrestricted funds | 1,146 | - | - | 1,146 | 559 | |
| Restricted funds | 15 | - | 35,353 | - | 35,353 | 42,095 |
| Endowment funds | 16b | - | - | 1,370 | 1,370 | 1,421 |
| Total Funds | 1,146 | 35,353 | 1,370 | 37,869 | 44,075 |
The trustees have taken advantage of s.408 Companies Act 2006 not to prepare a parent only statement of financial activities. The net expenditure for the year for the parent was £6,229k (2024: net income £1,180k).
These financial statements were approved and authorised for issue by the directors on 9 July 2025
Simon Judge, Director
Revd William Rogers, Interim Chair
The accompanying accounting policies and notes on pages 35 to 54 form an integral part of these financial statements.
Page 32
LONDON DIOCESAN BOARD FOR SCHOOLS
CHARITABLE COMPANY BALANCE SHEET AT 31 MARCH 2025
| Unrestricted | Unrestricted | Restricted | Endowment | Total | Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | ||||
| 2025 | 2025 | 2025 | 2025 | 2024 | ||
| Notes | £000’s | £000’s | £000’s | £000’s | £000’s | |
| Fixed Assets | ||||||
| Tangible fixed assets | 8 | 30 | - | - | 30 | 28 |
| Investments | 9 | 587 | 28,393 | 150 | 29,130 | 36,073 |
| 617 | 28,393 | 150 | 29,160 | 36,101 | ||
| Current assets | ||||||
| Finance lease receivable after | ||||||
| more than one year | 10 | - | 1,116 | - | 1,116 | 1,155 |
| Finance lease receivable within | ||||||
| one year | 10 | - | 79 | - | 79 | 76 |
| Trade and other debtors | 11 | 727 | 4,593 | - | 5,320 | 2,420 |
| Cash at bank and in hand | 94 | 12,103 | - | 12,197 | 9,578 | |
| 821 | 17,891 | - | 18,712 | 13,229 | ||
| Liabilities | ||||||
| Creditors falling due within one | ||||||
| year | 12a | (292) | (10,110) | - | (10,402) | (5,516) |
| Net current assets | 529 | 7,781 | - | 8,310 | 7,713 | |
| Total assets less current liabilities | 1,146 | 36,174 | 150 | 37,470 | 43,814 | |
| Creditors falling due after more | ||||||
| than one year | 12b | - | (1,566) | - | (1,566) | (1,681) |
| Total assets | 1,146 | 34,608 | 150 | 35,904 | 42,133 | |
| Funds | ||||||
| Unrestricted funds | 1,146 | - | - | 1,146 | 559 | |
| Restricted funds | 15 | - | 34,608 | - | 34,608 | 41,415 |
| Endowment funds | 16b | - | - | 150 | 150 | 159 |
| Total Funds | 1,146 | 34,608 | 150 | 35,904 | 42,133 |
These financial statements were approved and authorised for issue by the directors on 9 July 2025
Simon Judge, Director
Revd William Rogers, Interim Chair
The accompanying accounting policies and notes on pages 35 to 54 form an integral part of these financial statements.
Page 33
LONDON DIOCESAN BOARD FOR SCHOOLS
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
| Note Cash flows from operating activities 13 Repayment of borrowings Interest paid Finance lease repayments Cash and cash equivalents at the end of the year Cash and cash equivalents at the beginning of the year Net increase in cash and cash equivalents Net cash (used in)/provided by operating activities Cash flows from investing activities Net cash (used in) financing activities Dividends, interest and rents from investments Purchase of property, plant and equipment Proceeds from sale of investments Net cash provided by investing activities Cash flows from financing activities Analysis of Changes in Net Debt Cash and cash equivalents Cash at bank and in hand Debt due within one year Debt due after one year |
2025 2024 £000’s £000’s (40) (943) 2,961 2,223 (15) (26) - - 2,946 2,197 (129) (124) (96) (100) 79 77 (146) (147) 2,760 1,106 9,932 8,826 12,692 9,932 At 1 April At 31 March 2024 Cashflows 2025 £'000 £'000 £'000 9,578 2,619 12,197 (129) (136) (1,714) (7) 136 (1,578) |
|
|---|---|---|
| 7,735 2,748 10,483 |
The accompanying accounting policies and notes on pages 35 to 54 form an integral part of these financial statements.
Page 34
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. PRINCIPAL ACCOUNTING POLICIES
The Trustees' report and the accompanying financial 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 (FRS 102).
The Accounts comply with the Charities Act 2011 and the Companies Act 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 (£). As discussed in the trustees' report, the trustees have a reasonable expectation that the company has adequate resources 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 judgements or estimations applied in the preparation of the financial statements relate to the depreciation on property held in tangible fixed assets (note 8), investment properties which are formally valued by external valuers every five years and it has been assessed that their aggregate fair value remains materially correct (Note 9a) and to the calculation of the fair value provision in debtors (Note 11). There are no other material judgements or estimates in the preparation of these financial statements.
1.3 Basis of Consolidation
The financial statements aggregate the Statements of Financial Activities and Balance Sheets of the Funds held under the LDBS’s control namely:
| Education Fund | |
|---|---|
| fund | |
| Uniform Statutory Trust | |
| fund | |
| Uniform Statutory Trust - Schools Building Projects | |
| fund | |
| Teaching London | |
| fund | |
| Schools Buildings' Maintenance Scheme | restricted |
| fund | |
| David Greig 1949 Trust | |
| a permanent | |
| endowment |
Page 35
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Uxbridge Lecturers House Fund | sole trustee of |
|---|---|
| a permanent | |
| endowment | |
| St John's CofE School , Bethnal Green - Mrs May Hollings Fund | sole trustee |
| St Jude and St Paul Mildmay Park Trust | sole trustee |
| St Michael's School Camden | sole trustee |
| St Clement and St James | sole trustee |
| The financial statements Consolidate the Statements of Financial Activities and Balance Sheets of | |
| the Funds held under the LDBS’s control namely: | |
| City and Diocese of London Voluntary Schools Fund | sole trustee of |
| a permanent | |
| endowment | |
| (subsidiary) | |
| Grow Education Partners Limited | wholly owned |
| trading company |
LDBS is Trustee for a number of schools; the value of the school buildings and sites are not included in the financial statements save where the school is subject to closure by direction of the Local Authority or Academy Trust.
1.4 The 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: 2874636) and the City and Diocese of London Voluntary Schools Fund (Charity number: 312259) 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 trustees have taken advantage of s.408 Companies Act 2006 not to prepare a parent only statement of financial activities. The net expenditure for the year for the parent was £6,229k (2024: net income £1,180k).
The Charity balance sheet excludes the assets and liabilities of Grow Education Partners 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 (£100).
1.5 Tangible Fixed Assets and Depreciation
Depreciation is calculated on a straight-line basis and aims to write down the cost of tangible fixed assets over their expected useful economic lives of four years.
Items are capitalised at historical cost except those costing less than £250 except for the PGCE SCITT course where expenditure is written off against specific capital grants received.
1.6 Receivables due from Schools
Schools are permitted to forward borrow up to one years' Devolved Formula Capital (DFC) allocation to help support the cost of larger building projects. As sums are repaid from DFC received by LDBS within 12 months no fair value adjustment is made.
Page 36
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1.7 Fixed Asset Investments
The Uniform Statutory Trust holds investment property originally vested in it in respect of schemes created under various Education Acts. Investment 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 is, 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 and 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 operating 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 October 2036.
1.8 Finance Leases
Finance leases are leases in which substantially all the risks and rewards of ownership other than 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 Financial Instruments
All financial assets and liabilities are of a kind that qualify as basic financial instruments; these instruments are initially recognized at transaction and subsequently measured at their settlement value.
1.10 Incoming Resources
(a) Donations and grants
Donations, other than grants from charitable organisations, are recognised when received.
Donated services from the London Diocesan Fund are recognised as income at an assessment, which is an estimate of the financial cost borne by the donor, with a quantifiable 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.
Page 37
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
(b) Charitable activities
Grants receivable from the Education and Skills Funding 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 schools and ESFA in an agency capacity. Contributions due from school governors and other grants are treated in the same way.
An estimate of future income is included in the financial statements for claims not able to be made prior to the year-end, but relating to expenditure which was incurred before the year-end.
Other grants received for specific activities includes unspent capital held for voluntary aided schools devolved by the Department for Education (DFC). These grants have been pooled by schools within the Schools' Buildings Maintenance Scheme. Policy guidance issued by the Education and Skills Funding Agency indicates that the grants are repayable if not used within three years. Grants received in excess of expenditure incurred in the year are treated as deferred income.
(c) Other trading activities
Subscriptions received by Grow Education Partners Limited for the academic year beginning 1 September are recognised as income evenly over three terms.
(d) Investments
Investment income includes rental income, receivable during the year, and dividends and interest when received.
1.11 Expenditure
Resources expended, including grants, are included in the Statement of Financial Activities on an accruals basis. LDBS is not registered for VAT whereas both Grow Education Partners Limited and 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 raising 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 activities
Grants made to schools/individuals 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 charges are levied on sole trustee funds and the City & Diocese of London Voluntary Schools Fund.
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 accounts are apportioned on a time basis.
The value of accrued holiday pay at the year end is calculated and a provision is included in the accounts.
Page 38
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1.12 Pensions
- Defined benefit scheme
Until April 24 all eligible permanent employees were given the opportunity to join the Church of England Defined Benefits Scheme, which is administered by the Church of England Pensions Board. The contribution rate paid by the LDBS was 30% of salary plus expenses of £nil (2024: £nil).
Due to the nature of this scheme, LDBS is usually unable to identify 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. This scheme was closed to new contributions from the 1st April 2024 and all eligible Employees were provided with a Defined Contributions Scheme provided by the Church of England Pensions Board with a 30% contribution rate. 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.
From April 24 all eligible permanent employees are were given the opportunity to join the Church of England Defined Contributions Scheme, which is administered by the Church of England Pensions Board. The contribution rate paid by the LDBS in 2025 was 30% (2024: 30.0%) of salary plus expenses of £nil (2024: £nil).
LDBS participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.
CWPF has two sections:
-
the Pension Builder Scheme, which has two subsections;
a. a deferred annuity section known as Pension Builder Classic, and,
- b. a cash balance section known as Pension Builder 2014.
Page 39
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Pension Builder Scheme
Both sections of the Pension Builder Scheme are classed as defined benefit schemes.
Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.
Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.
There is no sub-division of assets between employers in each section of the Pension Builder Scheme.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme.
A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.
For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.
The next valuation is due as at 31 December 2025.
For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.
The legal structure of the scheme is such that if another employer fails, LDBS could become responsible for paying a share of the failed employer’s pension liabilities.
Those staff not enrolled in an LDBS defined benefit or defined contribution pension scheme are registered with NEST with contributions made on their behalf.
1.13 Restricted Funds
Restricted funds are to be used for specified purposes laid down by the donor/ granting body. Expenditure for those purposes is charged to the fund together with a fair allocation of overheads and support costs.
1.14 Transfers
Grants between funds for internal purposes are treated as transfers in the Statement of Financial Activities (SOFA). Other grants are included in charitable activities in the SOFA.
Page 40
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2 NET INCOME/(EXPENDITURE) FOR THE YEAR IS STATED AFTER CHARGING:
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| **Unrestricted ** | Restricted | Total | **Unrestricted ** | Restricted | Total | |
| Auditor's remuneration: | £000's | £000's | £000's | £000's | £000's | £000's |
| - the statutory audit - LDBS | 37 | 4 | 41 | 31 | 2 | 33 |
| - the statutory audit - trading subsidiary | 5 | - | 5 | 5 | - | 5 |
| operties | ||||||
| Depreciation on fixtures, fittings and | 12 | - | 12 | 8 | - | 8 |
| equipment | ||||||
| 3 INCOME FROM: | **Unrestricted ** | Restricted | 2025 | **Unrestricted ** | Restricted | 2024 |
| Total | Total | |||||
| (a) Donations and grants | £000's | £000's | £000's | £000's | £000's | £000's |
| Grant from London Diocesan Fund (see note 14) | 619 | - | 619 | 558 | - | 558 |
| Spelthorne Gymnastics | - | 19 | 19 | - | 19 | 19 |
| HMRC tax relief on gift aid donations | - | 1 | 1 |
- | 1 | 1 |
| 619 | 20 | 639 | 558 | 20 | 578 | |
| (b) Charitable activities | ||||||
| Grants and contributions receivable from | 57 | - | 57 | 2 | - | 2 |
| Education & Skills Funding Agency, Local | ||||||
| Authorities and other public bodies | ||||||
| Sales, fees and subscriptions | 1,532 | 896 | 2,428 | 1,418 | 887 | 2,305 |
| Reimbursement from schools | 63 | - | 63 | 61 | - | 61 |
| 1,652 | 896 | 2,548 | 1,481 | 887 | 2,368 | |
| (c) Investments | ||||||
| Distributions from unlisted pooled investment fu | - | 152 | 152 | - | 148 | 148 |
| Rental income from investment properties | - | 2,096 | 2,096 | - | 1,707 | 1,707 |
| Interest on cash deposits/loans | 7 | 706 | 713 | 20 | 387 | 407 |
| 7 | 2,954 | 2,961 | 20 | 2,242 | 2,262 |
Page 41
LONDON DIOCESAN BOARD FOR SCHOOLS
4 NET INCOME FROM NON CHARITABLE TRADING ACTIVITIES OF SUBSIDIARIES
The Charitable Company owns the entire issued ordinary share capital of £100 of Grow Education Partners Limited, a company registered in England & Wales (Company No:2874636). The principal activity is the provision of consultancy services to schools.
| Turnover Cost of sales Gross profit / (loss) Balance added to reserves Administrative expenses Net profit (loss) Gift aid from/(to) LDBS |
2025 2024 £000's £000's 1,043 911 (979) (910) |
|---|---|
| 64 1 - - |
|
| 64 1 (64) (1) |
|
| - - |
Aggregate total liabilities and aggregate total assets are both £236k (2024: £236k)
4b NET INCOME FROM CHARITABLE TRADING ACTIVITIES OF SUBSIDIARIES
The City & Diocese of London Voluntary Schools Fund is a subsudiary of the Charitable Company. This charity (registered no 312259) provides 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 Voluntary School in the Diocese of London (Accounts are available from the Registered Office).
| Total Income Expenditure Net movement in Funds Gains / (Loss) on investments Net movement in Funds Fund balances at start of year Fund balances at end of year |
2025 2024 £000's £000's 314 214 (87) (1,075) 227 (861) (203) (452) 24 (1,313) 1,941 3,254 - 1,965 1,941 |
|---|---|
Page 42
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 5 EXPENDITURE ON: | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| **Unrestricted ** | Restricted | Total | **Unrestricted ** | Restricted | Total | |
| (a) Raising funds and investment management | £000's | £000's | £000's | £000's | £000's | £000's |
| Investment property expenses | - | 709 | 709 | - | 488 | 488 |
| Professional fees for investment and trust prope | - | 226 | 226 | - | 232 | 232 |
| Bank loan interest | - | 96 | 96 | - | 100 | 100 |
| - | 1,031 | 1,031 | - | 820 | 820 | |
| (b) Charitable activities | ||||||
| Grants to schools (see details in Note 5(c)) | - | 66 | 66 | - | 234 | 234 |
| Grants to individuals through the City & Diocese | - | 23 | 23 | - | 24 | 24 |
| of London Voluntary Schools Fund (see Note 16) | ||||||
| School building works and repairs | - | - | - | - | - |
- |
| Salaries, social security and pension costs (see n | 1,787 | 410 | 2,197 | 2,192 | 159 | 2,351 |
| PGCE SCITT course delivery costs | 267 | 267 | 349 | 349 | ||
| Depreciation -investment assets | 24 | 24 | ||||
| Support costs: Depreciation -fixed assets |
12 | - | 12 | 8 | 8 | |
| Occupancy costs | 366 | - | 366 | 303 | 303 | |
| Audit fees | 42 | 4 | 46 | 36 | 2 | 38 |
| Other costs | 191 | 1,245 | 1,436 | 446 | 1,145 | 1,591 |
| 2,665 | 1,744 | 4,409 | 3,334 | 1,564 | 4,898 | |
| (c) Grants made to Schools | ||||||
| St Jude & St Paul's School, Mildmay Park | - | - | - | - | 131 | 131 |
| Holy Trinity School, Dalston | - | 61 | 61 | - | 82 | 82 |
| St John's School, Bethnal Green | - | - | - | - | 15 | 15 |
| St George the Martyr School, Holborn | - | 5 | 5 | - | 6 | 6 |
| - | 66 | 66 | - | 234 | 234 |
(d) Trustees' expenses
No travel expenses were reimbursed to Trustees during the year (2024: £0).
As permitted by LDBS’s Articles and Memorandum of Association the resources expended by the charity include £12,221 (2024: £36,750) in respect of indemnity insurance for the trustees and officers.
| 6 STAFF COSTS Wages and salaries Social security costs Pension costs Pension surplus drawdown |
2025 2024 £000’s £000’s 1,827 1,782 204 195 445 395 (305) |
|---|---|
| 2,171 2,372 |
Page 43
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| The average number of staff employed by the company, including contracted part time staff | on a full time equivalent | on a full time equivalent |
|---|---|---|
| Statutory advice and corporate b |
17 | 17 |
| Primary trading and non statutory support | 8 | 11 |
| 25 | 28 | |
| Average number of employees | 28 | 31 |
| The number of employees whose gross salary for the year exceeded £60,000 are as follows: | ||
| £60,001 - £ 70,000 | 1 | 1 |
| £70,001 - £ 80,000 | 3 | 2 |
| £80,001 - £ 90,000 | 4 | 1 |
| £90,001 - £100,000 | 1 | 3 |
| £100,001 and above | 1 | 2 |
Aggregate employer pension contributions for the employees above were £245,000 (2024: £181,000), payable to £540k of staff costs allocated to trading activities (2024: £482k) and £1,962k allocated to charitable activities (2024: £1,929k).
The total amount of renumeration received by key manangement personel including employee benefits and health
7 TRANSFERS BETWEEN FUNDS
The Uniform Statutory Trust (Restricted Fund) made a grant to the Education Fund (Unrestricted) of £323k (2024: £1,274k) to support the charitable activities of LDBS.
8 TANGIBLE FIXED ASSETS
Group and Charity
| Group and Charity | |
|---|---|
| Cost Balance at 1 April 2024 Additions Balance at 31 March 2025 Depreciation Balance at 1 April 2024 Charge for year Balance at 31 March 2025 Net book value at 31 March 2025 Net book value at 31 March 2024 |
Fixtures and fittings £'000 120 15 |
| 135 | |
| 93 12 |
|
| 105 | |
| 30 | |
| 27 |
Page 44
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9(a) INVESTMENTS AT MARKET VALUE - GROUP
Investment reconciliation
| 9(a) INVESTMENTS AT MARKET VALU Investment reconciliation |
E - GROUP |
|---|---|
| Unlisted Central Board of Finance of the Church of England (CBF) - Global Equity Income fund - Investment fund - Property fund M&G Charifund At 1 April 2024 Unrealised gain/(loss) At 31 March 2025 |
2025 Unrestricted Restricted Endowment Total Restricted Endowment Total Funds Funds Funds Funds Funds £000’s £000’s £000’s £000’s £000’s £000’s £000’s 611 1,711 1,155 639 1,794 85 677 614 88 702 129 129 - 136 136 - 1,100 - 592 - - - 2,208 - 2,208 2,117 - 2,117 36,073 (6,943) 42,474 (6,981) 35,493 29,130 Group Charity 2025 2025 £’000 £’000 2024 |
| - 3,900 825 4,725 3,886 863 4,749 |
|
| Freehold/Leasehold Properties | 587 29,636 545 30,768 37,167 558 37,725 |
| Investments at Market Value | |
| 587 33,536 1,370 35,493 41,053 1,421 42,474 |
| 9(a) INVESTMENTS AT MARKET VALUE - CHARITY | 9(a) INVESTMENTS AT MARKET VALUE - CHARITY | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | Funds | |||
| Unlisted | £000’s | £000’s | £000’s | £000’s | £000’s | £000’s | £000’s |
| Central Board of Finance of the | |||||||
| Church of England (CBF) | |||||||
| - Investment fund | - | 1,100 | 21 | 1,121 | 1,155 | 23 | 1,178 |
| - Property fund | - | 592 | - | 592 | 614 | - | 614 |
| - Global Equity Income fund | - | - | 129 | 129 | - | 136 | 136 |
| M&G Charifund | - | 2,208 | - | 2,208 | 2,117 | - | 2,117 |
| - | 3,900 | 150 | 4,050 | 3,886 | 159 | 4,045 | |
| Freehold/Leasehold Properties | 587 | 24,493 | - | 25,080 | 32,028 | - | 32,028 |
| Investments at Market Value |
587 |
28,393 | 150 | 29,130 | 35,914 | 159 |
36,073 |
All of the charities freehold and leasehold investment properties and the freehold operational property were revalued on an open market basis as at 31 March 2025 by Dalton Warner Davis LLP, Chartered Surveyors. The leasehold property was valued on an open market basis reflecting the remainig term of the leases. The overall impact of the revaluation was a reduction in the value of the Investment Investment property of £7.5m.
There were no sales or purchases of unlisted investments during the year.
Page 45
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| 9(b) INVESTMENTS AT COST - GROUP | Restricted | Endowment | Restricted | Endowment | ||||
| Funds | Funds | Total | Funds | Funds | Total | |||
| Unlisted | £000’s | £000’s | £000’s | £000’s | £000’s | £000’s | ||
| Central Board of Finance of the Church of |
England |
|||||||
| - Investment fund | 367 | 50 | 417 | 367 | 50 | 417 | ||
| - Property fund | 526 | 75 | 601 | 526 | 75 | 601 | ||
| - Global Equity Income fund | - | 53 | 53 | - | 53 | 53 | ||
| M&G Charifund units | 2,083 | - | 2,083 | 2,083 | - | 2,083 | ||
| 2,976 | 178 | 3,154 | 2,976 | 178 | 3,154 | |||
| Property | 6,823 | 262 | 7,085 | 6,823 | 262 | 7,085 | ||
| All investments are held in the United Kingdom. | 9,799 | 440 | 10,239 | 9,799 | 440 | 10,239 | ||
| 2025 | 2024 | |||||||
| 9(b) INVESTMENTS AT COST - CHARITY | Restricted | Endowment | Restricted | Endowment | ||||
| Funds | Funds | Total | Funds | Funds | Total | |||
| Unlisted | £000’s | £000’s | £000’s | £000’s | £000’s | £000’s | ||
| Central Board of Finance of the Church of | England |
|||||||
| - Investment fund | 367 | 10 | 377 | 367 | 10 | 377 | ||
| - Property fund | 526 | - | 526 | 526 | - | 526 | ||
| - Global Equity Income fund | - | 53 | 53 | - | 53 | 53 | ||
| M&G Charifund units | 2,083 | - | 2,083 | 2,083 | - | 2,083 | ||
| 2,976 | 63 | 3,039 | 2,976 | 63 | 3,039 | |||
| Property | 6,823 | 262 | 7,085 | 6,823 | 262 | 7,085 | ||
| All investments are held in the United Kingdom. | 9,799 | 325 | 10,124 | 9,799 | 325 | 10,124 |
Page 46
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10 LEASE RECEIVABLES
A finance lease was provided to Wren Academy for the construction of a sixth form centre with an anticipated redemption date of 31 October 2036. Amount drawn down £1.25m
A finance lease was provided to Spelthorne Gymnastics for the provision of mechanical and electrical works with an anticipated redemption date of 31 March 2037. Amount drawn down £200k.
A second finance lease was provided to Spelthorne Gymnastics for fitting out works with an anticipated redemption date of 31 March 2038. Amount drawn down £250k.
| Group and Charity under one year one to five years later than five years Outstanding claims Accruals and deferred income Trade debtors Other debtors (comprise loans to employees) 12 CREDITORS Loan repayments 11 TRADE AND OTHER DEBTORS 12(a)- Amounts falling due within one year Trade creditors Other creditors Amounts due from schools |
2025 £000’s 90 366 739 1,195 Group Charity 2025 2025 £000’s £000’s 201 111 5,206 5,207 2 2 5,409 5,320 Group Charity 2025 2025 £000’s £000’s 11,241 6,705 197 197 136 136 3,797 3,364 15,371 10,402 |
2024 £000’s 76 329 826 1,231 Group Charity 2024 2024 £000’s £000’s 177 111 2,440 2,309 - - |
|---|---|---|
| 2,617 2,420 |
||
| Group Charity |
||
| 2024 2024 £000’s £000’s 3,271 3,189 155 155 129 129 6,942 2,043 |
||
| 10,497 5,516 |
Accruals and deferred income include amounts of £2.8m (2024: £2.3m) in respect of grants and contributions received in advance of related expenditure being incurred. £2.3m (2024: £1.9m) of the preceding year balance was released in the current year.
| Loan repayments due within 2 to 5 years 12(b)- Amounts falling due after one year due within 1 to 2 years due thereafter |
Group Charity 2025 2025 £000’s £000’s 133 121 406 406 1,039 1,039 1,578 1,566 |
Group Charity 2024 2024 £000’s £000’s 136 103 435 435 1,143 1,143 |
|---|---|---|
| 1,714 1,681 |
-
A term loan from Barclays forms part of the liabilities of the restricted Uniform Schools Trust fund- final repayment 2036.
-
An interest free loan of £200,000 was provided by the London Marathon Trust to City & Diocese of London Voluntary Schools Fund in 2016-17 repayable in 114 equal monthly instalments from 31 May 2017.
Page 47
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13 NOTES TO THE CASH FLOW STATEMENT
| Reconciliation of net income to net cash flow from operating cash activities Net cash (outflow) from operating activities Net expenditure for the year as per the Statement of Financial Activities Depreciation charges Other non cash adjustments Losses/(Gains) on investments Dividends, interest and rents from investments Interest paid (Increase)/ Decrease in debtors (Decrease) in creditors |
2025 2024 £000’s £000’s (6,206) (134) (152) 32 117 491 7,146 (57) (2,961) (2,262) 96 100 (2,793) (2,086) 4,713 2,973 |
|---|---|
| (40) (943) |
14 TRANSACTIONS WITH RELATED PARTIES
The London Diocesan Fund (LDF) and the London Diocesan Board for Schools are separate charities but various diocesan bodies appoint the majority of the directors to the LDF and the Bishop of London appoints the Directors of the LDBS. A number of members are directors of both charities. 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 or the value of the transactions is over £25,000 then the disclosures are set out in this note.
A number of directors are governors and/or employees of schools which buy services from LDBS and its subsidiary, Grow Educational Partners Ltd. There are no significant purchases or sales which require disclosure.
The London Diocesan Fund provides office, computer support and payroll facilities to the LDBS. Although no charge is made for this support, the financial statements reflect the value of the donation under the heading London Diocesan Fund grant with an equivalent cost shown under the cost of charitable activities. The amount included in the Accounts is £447,567 (2024: £387,000).
The cash grant provided by The London Diocesan Fund during the year was £171,000 (2024: £171,000). In addition the Fund reimbursed LDBS £3,232 (2024: £23,432) and recharged expenses of £1,888,971 (2024: £1,847,088). The balance owed to London Diocesan Fund at 31 March 2025 was £315 (2024: nil).
LDBS has taken advantage of the exemptions available under FRS 102 "Related Party Disclosures" not to disclose transactions between it and its trading subsidiary, Grow Education Partners Limited, registered address 36 Causton Street, London SW1P 4AP.
The accounts have been prepared on the basis that the LDBS is the ultimate undertaking.
LDBS received £15,000 (2024: £12,000) from LDBS Academies Trust; Nil (2024: nil) was paid to the LDBS Academies Trust. In addition LDBS Academies Trust paid £154,942 (2024: £155,616) to LDBS & Grow Education Partners Limited and received nil (2024: nil). LDBS Academies Trust 2 paid £25,578 to LDBS/ Grow Education Partners Limited (2024: 30,170). No balances were outstanding at the year end. Andrew Garwood Watkins is an officer of LDBS and is a Director of the LDBS Academies Trust 1 and 2.
Christ Church School NW3 sponsors the LDBS SCITT ITT Course and receives grants for students from the Education and Skills Funding Agency and Student Loans Company. LDBS drew down £803,000 from this Account (2024: £675,000) to cover course running costs.
Page 48
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Clerkenwell Pariochal School was leased to the Hive Education Trust, of which LDBS is a corporate member, for a peppercorn rent until the 31st August 2024. No balances were outstanding at the year end. In addition Hive Education Trust paid £538 to LDBS & Grow Education Partners Limited and received nil.
The Green School Trust paid £32,259 to LDBS & Grow Education Partners Limited and received nil.
Twyford Church of England Academies Trust paid £36,817 to LDBS & Grow Education Partners Limited and received £2,850.
Wren Academies Trust paid £34,727 to LDBS & Grow Education Partners Limited and received nil.
15 RESTRICTED FUNDS
| CHARITY Schools Building Maintenance Fund Sole Trustee Funds (see note 16) GROUP Schools Building Maintenance Fund Sole Trustee Funds -see note 16(a) GROUP Schools Building Maintenance Fund Sole Trustee Funds (see note 16) Schools Building Maintenance Fund CHARITY Sole Trustee Funds -see note 16(a) |
Balance Incoming Resources Recognised Balance 1 April 2024 Resources Expended Transfers gains/ 31 March 2025 £000's £000's £000's £000's £000's £000's 950 896 (1,383) - - 463 41,145 3,142 (1,392) (323) (7,682) 34,890 (losses) |
|---|---|
| 42,095 4,038 (2,775) (323) (7,682) 35,353 |
|
| Balance 2023 Balance 31 March 2024 633 887 (570) - - 950 41,688 2,579 (1,814) (1,273) (35) 41,145 1 April |
|
| 42,321 3,466 (2,384) (1,273) (35) 42,095 |
|
| Balance Incoming Resources Recognised Balance 1 April 2024 Resources Expended Transfers gains/ 31 March 2025 £000's £000's £000's £000's £000's £000's 950 896 (1,383) - - 463 39,446 4,068 (1,544) (303) (7,522) 34,145 (losses) |
|
| 40,396 4,964 (2,927) (303) (7,522) 34,608 |
|
| Balance Balance 1 April 2023 31 March 2024 633 887 (570) - - 950 39,623 2,345 (1,757) (1,253) 488 39,446 |
|
| 40,256 3,232 (2,327) (1,253) 488 40,396 |
Page 49
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16 SOLE TRUSTEE FUNDS
| 16 SOLE TRUSTEE FUNDS | |||||||
|---|---|---|---|---|---|---|---|
| Recognised | |||||||
| 16(a) Restricted Funds - Group | gains/(losses) | ||||||
| Balance | Incoming | Resources | & fair value | Balance | |||
| 1 April | Resources | **Expended ** | Transfers | adjustments | 31 March | ||
| 2024 | 2025 | ||||||
| £000's | £000's | £000's | £000's | £000's | £000's | ||
| Uniform Schools Trust | 36,183 | 2,486 | (1,372) | (286) | (6,930) | 30,081 | |
| City & Diocese of London | |||||||
| Voluntary Schools Fund | 1,699 | 334 | 152 | (20) | (160) | 2,005 | |
| David Greig Trust 1949 | - | 3 | - | (3) | - | - | |
| Uxbridge Lecturer's Fund | 5 | 1 | - | - | - | 6 | |
| St John's School, Bethnal Green | 397 | 11 | - | - | (17) | 391 | |
| St Jude & St Paul Mildmay Park | 2,534 | 118 | (169) | - | (575) | 1,908 | |
| St Michael's Camden /St Stephen's | 327 | 189 | (3) | (14) | - | 499 | |
| WG | |||||||
| 41,145 | 3,142 | (1,392) | (323) | (7,682) | 34,890 | ||
| Balance | Balance | ||||||
| 1 April | 31 March | ||||||
| 2023 | 2024 | ||||||
| Uniform Schools Trust | 32,600 | 1,866 | (1,553) | 2,817 | 453 | 36,183 | |
| City & Diocese of London | - | ||||||
| Voluntary Schools Fund | 2,065 | 234 | (57) | (20) | (523) | 1,699 | |
| David Greig Trust 1949 | - | 3 | - | (3) | - | - | |
| Uxbridge Lecturer's Fund | 4 | 1 | - | - | - | 5 | |
| St John's School, Bethnal Green | 383 | 11 | (31) | - | 34 | 397 | |
| St Jude & St Paul Mildmay Park | 2,569 | 114 | (150) | - | 1 | 2,534 | |
| St Matthias's School Bethnal Green | 4,067 | - | - | (4,067) | - | - | |
| St Michael's Camden /St Stephen's | - | 350 | (23) | - | - | 327 | |
| WG | |||||||
| 41,688 | 2,579 | (1,814) | (1,273) | (35) | 41,145 | ||
| Transfers to/(from) Uniform Schools Trust comprise | 2025 | 2024 | |||||
| Transfer of subscriptions from Schools Building | - | - | |||||
| Maintenance Fund | |||||||
| Transfer of devolved capital from Schools Building | - | - | |||||
| Maintenance Fund | |||||||
| Transfers from other sole trustee funds | - | - | |||||
| Transfer from Uniform Schools Trust to unrestricted funds | (323) | (1,274) | |||||
| (323) | (1,274) |
Page 50
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
LONDON DIOCESAN BOARD FOR SCHOOLS
| 16(a) Restricted Funds - Charity St John's School, Bethnal Green St Jude & St Paul Mildmay Park St Michael's Camden /St Stephen's WG Uniform Schools Trust David Greig Trust 1949 Uxbridge Lecturer's Fund |
Recognised gains/(losses) Balance Incoming Resources & fair value Balance 1 April 2024 Resources Expended Transfers adjustments 31 March 2025 £000's £000's £000's £000's £000's £000's 36,183 3,746 (1,372) (286) (6,930) 31,341 - 3 - (3) - - 5 1 - - - 6 397 11 - - (17) 391 2,534 118 (169) - (575) 1,908 327 189 (3) (14) - 499 39,446 4,068 (1,544) (303) (7,522) 34,145 Balance Balance 1 April 2023 31 March 2024 32,600 1,866 (1,553) 2,817 453 36,183 - 3 - (3) - - 4 1 - - - 5 383 11 (31) - 34 397 2,569 114 (150) - 1 2,534 4,067 - - (4,067) - - - 350 (23) - - 327 39,623 2,345 (1,757) (1,253) 488 39,446 Balance Recognised Balance Balance Recognised Balance 1 April 2023 gains/(losses) 31 March 2024 1 April 2024 gains/(losses) 31 March 2025 £000's £000's £000's £000's £000's £000's 1,192 70 1,262 1,262 (42) 1,220 21 2 23 23 (1) 22 116 20 136 136 (8) 128 1,329 92 1,421 1,421 (51) 1,370 |
|---|---|
| David Greig Trust 1949 Uxbridge Lecturer's Fund Uniform Schools Trust St John's School, Bethnal Green St Jude & St Paul Mildmay Park St Matthias's School Bethnal Green St Michael's Camden /St Stephen's WG |
|
| 16(b) Permanent endowment funds: GROUP City & Diocese of London Voluntary Schools Fund Uxbridge Lecturer's Fund David Greig trust 1949 |
Page 51
LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 16(b) Permanent endowment funds: CHARITY Uxbridge Lecturer's Fund David Greig trust 1949 |
Balance Recognised Balance Balance Recognised Balance 1 April 2023 gains/(losses) 31 March 2024 1 April 2024 gains/(losses) 31 March 2025 £000's £000's £000's £000's £000's £000's 21 2 23 23 (1) 22 116 20 136 136 (8) 128 |
|---|---|
| 137 22 159 159 (9) 150 |
The balance on the City & Diocese of London Voluntary Schools Fund includes a 13.125% interest in the property at 13/14 Archer Street (see note 9a).
Uniform Statutory Trust (Established 1996)
The Trust was established under Section 557 of the 1996 Education Act. The Trustee may apply capital and income in expenditure on school sites and buildings. The Trustee may also apply income in or towards the provision of advice, guidance and resources (including materials) in connection with any matter related to the management of, or education provided at, any relevant school in the Diocese.
The City & Diocese of London Voluntary Schools Fund (Established 1813)
This charity (registered no 312259) 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 Voluntary School in the Diocese of London (Accounts are available from the Registered Office).
David Greig Trust 1949
The charity benefits pupils of Greig City Academy. In 2020 the Uniform Schools Trust granted the Academy £60,000 towards the cost of a STEM centre. The David Greig Trust 1949 is reimbursing the Uniform School Trust from investment income over a period of years to 2036.
The Uxbridge Lecturer's House Fund (Established 1721)
This charity provides grants to Church of England schools in the Parish of Uxbridge.
St John's School, Bethnal Green - the Mrs May Hollings Fund incorporating the Sir Daniel Keymer Memorial Fund LDBS
became sole trustee of this fund in 2020 which provides grants to St John's School.
The St Jude's, Mildmay Park, Church of England Primary School Foundation (Established 1857)
This charity owns land and buildings which were formerly used by St Jude & St Paul Church of England School prior to moving to a new building in Kingsbury Road. The Foundation is the sole beneficiary of the income from this Trust.
Former St Michaels School, Camden closed in summer 2023
The land and buildings have been let to Our Ladys Catholic Primary School. The funds are held in trust until the DfE gives direction as to how the funds can be used for the benefit of other Church of England schools.
The London Diocesan Board for Schools Trust Property (Established 2008)
This charity was set up to administer 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 Academy for 125 years from 1 September 2008. No financial transactions have taken place nor has any value been ascribed to the land.
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LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17 TRUST FUNDS
In its capacity as trustee of a number of schools, LDBS is the owner of a number of school sites. No value is ascribed to these sites whilst they continue to operate as voluntary aided schools.
| to these sites whilst they continue to operate as voluntary aided schools. | |
|---|---|
| CBF Deposit Fund CBF Deposit Fund Charities Investment Fund CBF Deposit Fund Latymer & All Saints School, Edmonton Latymer & All Saints School, Edmonton St John The Baptist School, Malden Oaks Holy Trinity School, Tottenham - Girls Green School Fund COIF St Clement and St James Investments at Market Value CBF Investment Fund CBF Deposit Fund LDBS is custodian trustee for: Bartlett Legacy - St Saviours School, Poplar St Paul's with St Michael's School, Haggerston CBF Investment Fund |
2025 2024 £000’s £000’s 3 3 2 2 23 23 4 4 22 21 63 63 53 - |
| 170 116 |
18 CONTINGENT LIABILITIES
At 31 March 2025 there were no contingent liabilities
19 CAPITAL COMMITMENTS
At 31 March 2025 there were capital commitments of £nil (2024: nil).
20 PENSIONS - Defined Benefit Scheme
London Diocesan Board for Schools (DBS) participates in the Defined Benefits Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers. LDBS ceased contributions to this in April 2024 and all pension contrinutions are now paid into the defined contrubtion scheme.
CWPF has two sections:
-
the Pension Builder Scheme, which has two subsections;
-
a. a deferred annuity section known as Pension Builder Classic, and,
-
b. a cash balance section known as Pension Builder 2014.
The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries.
For funding purposes, the DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns.
The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.
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LONDON DIOCESAN BOARD FOR SCHOOLS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
The scheme is a multi-employer scheme as described in Section 28 of FRS102. It is not possible to attribute the scheme’s assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in the DBS. This means that contributions are accounted for as if the DBS were a defined contribution scheme. The pensions costs charged to the consolidated SOFA in the year are contributions payable towards benefits and expenses accrued in that year plus any impact of deficit contributions (see below).
If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool and the Actuary so recommends, further transfers may be made from the Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board on the advice of the Actuary.
A valuation of DBS is carried out once every three years. The most recently finalised valuation was carried out as at 31 December 2022. In this valuation, the overall surplus in DBS was £73.6m.
10 employees (5 full-time and 5 part-time) are members of the Teachers' Pension Scheme with LDBS making a contribution of 28.68% (2024: 28.68%) of their salary.
21 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH
| Other Total Expenditure on: Raising funds and investment management Charitable activities Other trading activities Investments Income from: Donations and grants Net movement in funds for year Fund balances at the end of the year Commercial trading operations Charitable activities Total Net (losses)/gains on investments Change in fair value provision of debtors Net movement in funds Reconciliation of Funds Fund balances at the beginning of the year Net income/(expenditure) before transfers Transfers between funds Net income Other recognised gains |
Unrestricted Restricted Total Funds Funds Funds £000’s £000’s £000’s £000’s 558 20 - 578 1,481 887 - 2,368 911 - - 911 20 2,242 - 2,262 - 317 - 317 Endowment |
|---|---|
| 2,970 3,466 - 6,436 |
|
| - (820) - (820) (910) - - (910) (3,334) (1,563) - (4,897) |
|
| (4,244) (2,383) - (6,627) |
|
| - (35) 92 57 |
|
| (1,274) 1,048 92 (134) 1,274 (1,274) - - |
|
| - (226) 92 (134) - - - - |
|
| - (226) 92 (134) |
|
| 559 42,321 1,329 44,209 - (226) 92 (134) |
|
| 559 42,095 1,421 44,075 |
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