SOUTHWARK DIOCESAN BOARD OF EDUCATION Developing Church of England Education Companies House Southwark Diocesan Board of Education Incorporated Directors, Annual Report and Financial Statements For the year ended 31 December 2022 Company limited by guarantee {00086641 England and Wales) Registered charity (No. 313001) Registered & Principal Office.. 48 Union Street London SEI ITD IIIIIIIIIIIN AC9)OZE8 09108r2023 COMPANIES H¢JJSE A10
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Southwark Diocesan Board of Education.Incorated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 Table of Contents Page Reports Reference and Administrative Information Trustees, Report (including): Objectives and Activities Achievements and Performance Future Plans Financial Review Structure. Governance and Management Relationships with other charities and foundations Principal Risks and Uncertainties Statement of Trustees. responsibilities li 15 17 18 22 23 Independent Auditorfs Report 25 Financial Statements Con501idated Statement of Financial Activities Balance Sheet5 Con501idated Statement of Cash Flows Principal Accounting Policies Notes to the Financial Statements 31 32
Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 Trustees The Rt Revd Christopher Chessun (President) The Rt Revd Jonathan Clark- resigned April 2022 The Rt Revd Dr Rosemarie Mallett Martin Brecknell Elizabeth Broad Julia Corby The Revd Canon Stephen Coulson- resigned July 2022 Helen Dixon Malcolm Edwards CBE Ven Simon Gates- appointed Dec 2022 The Revd Annie Kurk Maria McBean Dr David Muir- resigned Dec 2022 Ekundayo Olomu Eileen Perryer- appointed May 2022 , resigned Jan 2023 Revd Tomos Reed- appointed Jan 2022 Alberta R05enior- appointed Jan 2022 Dr Catharina Stibe Hickson The Revd Ariadne van den Hof The Revd Andrew Williams Miles Winter- appointed Jan 2022 The Revd Erica Wooff Irene Wolstenholme- appointed Jan 2022 Senior leadership team Rosalind Cordner (Director of Education) Marcus Cooper IAssistant Director)- resigned Oct 2022 Company secretary Rosalind Cordner Registered office 48 Union Street London SEI ITD Charity registration 313001 Company registration 00086641
Southwark Diocesan Board of Education Incorporated Dirertols Report and Financial Statements For the Year Ended 31 December 2022 Auditor Buzzacott LLP 130 WDod Street London EC2V 6DL Bankers National Westminster Bank plc P.0. Box 3038 57 Victoria Street London SWIH OHN Solicitors Winckworth Shenvood Minerva House 5 Montague Close London SE19BB
Southwark Diocesan Board of Educatlon Incorporated Director's Report and Financial Statements For the Year Ended 31 December 2022 Acronyms used throughout CofE Church of England CEFEL Church of England Foundation for Educational Leadership CCLA Central Board of Finance of the Church of England Continuing Professional Development Department for Education Devolved Formula Capital Equality, Diversity and Inclusion Further Education Full time equivalent Higher Education Further & Higher Education Local Authority Multi-Academy Trust Memorandum of Understanding Partnership Agreement Requires Improvement Southwark Diocesan Board of Education Southwark Di(Kesan Board of Education Multi-Academy Trust Southwark Diocesan Education Services Office for Standards in Education Standing Advisory Council on Education Statutory Inspection of Anglican and Methodist Schools Service Level Agreement Senior Leadership Team Statement of Financial Artivities Stand Alone Academy Trust Voluntary Aided Schools Condition Allocation CPD DfE DFC EDI FE FTE HE F/HE MAT MOU PA Rl SDBE SDBE MAT SDES OFSTED SACRE SIAMS SLA SLT SOFA SAT VASCA
Southwark Diocesan Board of Education Incotporated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 Dirertors, Annual Report The Board members, who are also Trustees and Directors for the purposes of charity law. have pleasure in presenting their annual report, together with the audited financial statements, for the year ended 31 December 2022. OBJECTIVES AND ACTIVITIES Background The SDBE Charity exists to fulfil the statutory duties of the Diocese of Southwark for the education of the 36.000 children and young people attending its 104 schools. Within the diocesan family of schools. the SDBE provides advice, support and offers development of the distinctively Christian ethos is schools which remain inclusive and are here to serve their local communities. In addition, the SDBE provides support to haplaincy in the HE/FE colleges and universities across the diocese. Objectives The purpose and objerts of the Charity are set out in its two rnain constitutional documents". The Diocesan Board's Education Measure (2021): and The Memorandum and Articles of Association of the Southwark Dioce53n Board of Education. Shaped by these, the Charit(s vision is expressed below: To enable the mission of God through the work of the Board; To be a high-performing Diocesan Board of Education, promoting excellence in education both locally and nationally: To develop and grow highly effective, inclusive Church of England schools rooted in Christian values; To celebrate and share the richnes5, quality and SUCSS of our schools and chaplaincies; and To offer exemplary service to our schools and chaplaincies. Actlvltles The work of the SDBE runs within three key areas; Church School Effectiveness, Development of Chaplaincyin schools. colleges and universities, and development and growth. As such the charity advises governors of all its schools (VA, Foundation, MAT and STATI on any matter affecting church schools in the diocese, includin& but not limited to development in the following areas:
Southwark Diocesan Board o* Education incorporated Oirectorfs Report and Financial Statements For the Year Ended 31 December 2022 OBJECTIVES AND ACTIVITIES (continued) Activities (continued) Supporting school improvement through professional development of teacher5 and school leaders, CPD for staff and governor5. professional advice and pastoral care; Provides advice on any proposed changes to the status, viability and future of all schools (including significant changes): Approves all new building. alterations and refurbishments to Church School buildings: Appoints and supports Foundation governors for all church schools; Advises and SUPPOTts governing bodies on the appointment of headteachers and senior staff: Receives and considers the reports of all fornial tnspections {SIAMS and Ofsted) at all church schools, which are required to be carried out under the education act 200S.' analysis of outcomes and further development of support shapes the ongoing CPD and briefings to schools. Key headlines are shared with the Board and it5 comrnittees: Across the seven HE and five FE institutions Cl)aplaincy Development support 15 provided; thi5 15 in addition to the chaplaincy development and support that is given to our schools. Part of the function of the Charity is to ensure CofE representation at the 11 SACRES across the diocese." representation on LA Committees for Overview and Scrutiny {or equivalent democratic serlices meeting). The Partnership Agreement provides a comprehensive professional offer to all 104 schools including headteacher and senior leader meetings and the annual conference; and The structure of the advisory team enables flexibility in offering additional SUPPOrt, training and development from year to year to meet any immediate needs in addition to the core offer. for example Mental Health First Aid and development of an EDI working partv.
Southwark Diocesan Board of Education InrpOraled DiTectorfs Report and Financial Ststements For the Year Ended 31 December 2022 OBJECTIVES AND ACTIVITIES (continued) Public benefit In preparing this Annual Report, the Trustees have paid due regard to the Charity Commission guidance on public benefit in deciding what activities the Charity should undertake. Our principal beneficiaries and service users at the Church of England schools and the students and staff of the universities and colleges located within the Diocese of Southwark. In practice. the relationship with our thirty-four thousand children and young people in the maintained education 5ertorthroughout the Diocese of Southwark, is achieved in real terms through the regular contact with school leaders and governors and in response to requests for advice and support via our Partnership Agreement forchurch of England schools and academies and our relationship with the Southwark Diocesan Board of Education Headteacher Association. ACHIEVEMENTS AND PERFORMANCE Governance Preparatory work was undertaken for a succe55fuS adoption of the New Diocesan Measure and revised articles of association at Diocesan Synod on Wednesday 13 July 2022 which paved the way for a smaller, more efficient Board of Education. Key benefits include a review of the terms of appointment and a commitment to a deliberate focus on future recruitment to reference EDI with a view to having a Board that reflects the diverse community it serves. The reduced Board size eliminates historic long standing vacancies, which in turn supports an efficient governance structure. Working with our SDBE MAT (The TTUSY) As the SDBE MAT prepares to on-board its eleventh school, in eight years, Members reviewed the governance arrangements and embedded a new memorandum of understanding with the Trust to secure the foundation of the Trust for the lon8 term- given the focus on Trust growth following the White Paper and subsequent Schools Bill, a working party between the Board and the Trust was set up. the SDBE have commissioned a review of national academy models as part of its work towards developing the MAT strategy for the future. Approval by the Board was granted to two schools to join the Trust - The Minster Junior School and the Minister Infants School in Croydon joined in September 2022.
Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 ACHIEVEMENfs AND PERFORMANCE (continued) Working with the Diocese- Racial Justice. Climate Justice. Growing Faith The SDBE benefits hugely from the support it receives from the Diocese of Southwark. It enjoys close relationships with the clergy and in particular the Children and Young People Team. The Cathedral and its Learning Centre and increasingly more cross over opportunities have been developed between the justi Peace Integrity & Creation Officer and Environmental Working Party. Following the launch of the diocesan Anti R3ClSt Charter in schools in November 2021. much of 2022 was focused on expanding the curriculum to reflect the EDI agenda. There has been a lot of work done to ensure that anti-racism is a leading strand in addressing inequality throughout the work of the Board, with new CPD units developed and delivered within the core training offer. The work has also begun to expand the EDI offer to ensure that all elements of inequality are addressed. A working party has been established to ensure that this crucial piece of work remains a key focus for the staff team to develop. Work has begun on developing a baseline record to create a statistlC31 database to track progress towards understanding the current make up of those employed at the Board. in schools. across the governing bodies and committees where SDBE is represented. This will become a regular event so that trends and progress can be tracked and action taken to addre55 8aps/barriers and blockersto change. The CPD offer has been reviewed and refreshed, and we offer EDI. ClimateJustice, School sustainability workshops. Climate Justice CARBON NET ZERO As part of our work to meet General Synod's Net Zero Carbon Route Map to decarbonise the CofE estate by 2030. work on a pilot programme of heat decarbonisation plan5 for 13 schools. mainly funded by an award from the Salix Finance Company of £7,212,233 during the year with an additional £12,000 VASCA top up began this year. This will include a strategic plan for all VA schools, which will give the buildings team an estate-wide picture of energy use that will allow us to better target grants to schools with the biggest heat loss issues.
Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 ACHIEVEMENT5 AND PERFORMANCE (continued) Climatejustice CARBON NET ZERO {continued) Work around the Public Sertor Decarbonisation Scheme Round I to install air source heat pumps to 58 schoo15 and our offices at Union Street was delayed due to the collapse of the installation subcontractor. Snagging is now forecast to finish in the spring of 2023. The SDBE continues its work to develop and update the curriculum content in all subject areas to ensure that climate justice is included from RE lessons through to PE lessons. Work continues around Eco Charter, Eco Diocese, Global Neighbours to ensure teachers. leaders and governors are aware of the CPD and resources available to support schools in delivering key messages around the changing climate. New schools We were pleased to learn at the end of the autumn term, that applications in support of the rebuilding of All Saints, Croydon. The Minster Infant School and The Minster Junior School. also in Croydon, were successful. Whilst our fourth nominee, Archbishop Tenison's, Croydon received a letter confirming they had not been successful, the school has been included in a DfE 'net zero, pilot project. Substantial roofing, insulation and heating system improvements have been indicated as being within scope for grant funding. Planning for new Kingston school A new six-form entry 11-16 VA CofE Secondary school in Kingston is due to open in September 2025. It will include a 20-place specialist autism resource base. Design planning resumed at the end December 2022. St Peter and St Paul's expansion from infant to primary school The school expansion from a one form entry infant school to one form entry primary school for pupils aged 4-11 came into effect in September 2022. We are grateful to Surrey County Council for their continued support during the delayed process to ensure the plan5 were fulfilled. 10
5outhwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 ACHIEVEMENTS AND PERFORMANCE (continued) Sch(yol effectivene55 New SIAMS notionalfmmework After a long gap between the suspension of SIAMS in March 2020 and the end of the academic year 2022, we were delighted that our first inspection under the new framework, at the end of the summer was excellent. A second school wa5 inspected in the autumn term and was also graded excellent. Outcomes at the end of December- 100% of schools remain good or better with 75%judged as excellent. There were a total of 27 Ofsted inspections over the year. Two schools that were previously inadequate werejudged asgood and one Rl school was also judged as good. Of the 104 schools, 102 are good or better {98%1. 22 schoo15 are graded outstanding {21%1. There are 2 Schools awaiting inspection that are graded as inadequate (2%}. It is expected that overall outstanding/excellent outcomes will drop as the respective new framework5 for both SIAMS and Ofsted are embedded. Nonetheless, the achievement of Schools who have maintained or achieved at the highest level must be congratulated. FUTURE PLANS Development of the Board- under the new Diocesan Measure. from l January 2023 the Structure of Board was reviewed. The Size of the Board was reduced to bring it line with the other Diocesan Departmental Boards. The Board has reduced in size from a possible membership of 32 to a maximum of 19. This has eliminated longstanding vacancies and the inefficiencies this created. There is also an ongoing commitment to recruit Board members so that the make up of the Board reflects the diverse community we serve. Our governance structure is subject to the same baseline assessments for EDI that we are condutting with our schools and HEIFE colleges. The hope is the next triennium will see a change in the membership of the Board that reflects our school and college make up. The revised artides of association sharpen the focus on roles and responsibilities for Board members, particularly around attendance: this will ensure committees can function well. knowing that Members are able to commit to engage as required, with any non attendance managed efficiently. 11
Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 FUTURE PLANS (continued) We will complete the review of the Terms of reference for each Board Committee so that they align with the new articles of association and secure strong structures for each committee. Following the shared diocesan/Board recruitment drive to attract more UKME and EDI applications and appointments, recruitment panel structures have also been revlewed with a commitrnent to ensure that representation of the panel reflects the diversity we wish to see across the organisation. Given the dramatic fall in the number of pupils attending school across Lambeth and Southwark in particular. our strategy to respond to surplus pupil places will be developed during the spring. We have secured a secondment to increase our team capacity to condurt some focused I:1 work with schools to expand our central knowledge base. We will routine collect information around pupil numbers, school finances, the quality of the School estate. staff structures and local context as well as the links with the local church. This will create an enhance schools risk register that will provide us with a RAG rating system to shape how we utilise our resources most effectively. Work has begun. with school surveys. on responding to the White Paper and Schools Bill. Given the context we are in with successful Schools and a mix of VA and academies, the offer we currently have provides the Space for any school wishing to become an academy- the SDBE MAT. However, it does not. as it stands, offer all of the answers around the place for SATS or schools with a different foundation. The SDBE has commissioned an initial review to provide oversite of the range and offer of MATS across the country. This will be completed in the spring term and reviewed in the summer by the joint Boardnrust strategy group and work with schools over the summer term will complete the process 50 that the growth strategy begins in the autumn term. Following the changes in curriculum development and delivery that were accelerated during Covid, we recognise the need to review the RE syllabus for primary schools. This will be a key piece of work for the advisory team over the year ahead and will include a focus on a55essment in RE for primary schools. We are actively working on a full estate management plan to include all investment properties as well as our offices at 48 Union Street. 12
Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Ststements For the Year Ended 31 December 2022 FUTURE PLANS (continued} Investment in Exton Street- havingcommissioned a condition surveyforthis property, a proposal to start the process of retrofitting this four storey office buildin& which brings the greatest income across all properties, will be taken to the Board in the spring. This proposal will be a 3 year improvement plan including a new roof and new windows and ensuring that the building meets the green energy requirements of we have as landlords. The implication of falling rolls leads to specific plan to develop a vacanvvulnerable schools building strategythat will ensure we benefit from the lessons learned from the losure of St Andrew's, Croydon and St John's Walworth. VASCA- we will review the committee structure and revi5ethe terms of reference to expand membership of the committee. the process for managing annual bids is also due for review having run for 3 years there are some specific themes to be addressed, particularly around consistency of bids and fragmented central records on the state of some school estate. INVESTMENT POUCY AND PERFORMANCE The Board of Trustees. investment powers fall under the Trustee Act 2000 and the Memorandum and Articles of Association in which paragraph 10 permits the Board of Trustees "to invest any monies possessed by the charity (or held in trust by it) in or upon such investment5 or securitie5 as may from time to time be determined, but $0 that monies or property subject to the jurisdiction of the Charity Commissioners shall only be invested in such securities and with such sanrtion a5 may for the time being be prescribed by law. Portfolio Performance (01/01122 to 31112122) Low Risk Portfolio -9.46% (2021: +5.94%) Comparative benchmark 4.79% (2021: +4.06%) Low to Medium Risk Portfolio -12.21%12021: +7.89%) Comparative benchmark -10.62%12021: +8.08%) Medium to High-Risk Portfolio -16.50%12021." +15.59%) Comparative benchmark -8.18%12021: +13.62%) 13
Southwark Diocesan Board of EduGition Incorporated Director's Report and Financial Statements For the Year En(led 31 December 2022 INVESTMENT POUCY AND PERFORMANCE (continued) Negative market sentiment and high levels of volatility have continued as we entered the second half of the year, with equity markets around the world beginning to price in the possibility of a recession in the short term. Economies continued to battle against conflict. the energy crisis, China's zero Covid policy and stjpply chain disruption following the pandemic. More recently, we have seen the highest annual inflationary pressures in a generation, providing an additional challenge to markets. In response, central banks have tightened their monetary poliry, with aggressive interest rate increases. In recent weeks, the Federal Reserve announced a hike of 0.75%, the largest increase since the 1990s. The Bank of England voted on a smaller 25bp raise, raising rates to 1.25%, the highest since January 2009. Growth asset5 have struggled in this rising yield environment, and whilst there may Still be some pockets of overvalued speculative assets, growth as a Style still contains many high quality. cash generative companies with strong balance sheets, which look attractively priced after recent volatility. Whilst equity prices have fallen globally. the recent round of quarterly corporate results demonstrated that earnings expectations have proved relatively robust, with consumers still spending and profit margins holdin8 UP. Low-Risk Portfolio The top contributor to performance over the last 12 Months, was Guinness Global Equity Income fund. which as historicalty proved to be a more defensive asset throughout periods of market stress. The fund is able to withstand macro-economlc factors due tothe economicstrength of its underlying business modelsand their ability to act as price makers in the marketplace. LXI REIT has also proved resilient in the portfolio. as it offers inflation-protected income and capital growth underpinned by a secure portfolio of very long-let and index-linked UK property assets (average lease length of 22 years, 95% of rental income subject to RPI/CPI or fixed uplifts). In equities, the main detractor from performance was Fundsmith with its exposure to longer- duration grovrth assets suffering in this period of rising interest rates, as valuations compress despite fundamentals remaining good. The portfolio's fixed income exposure has also detracted from performance given the substantial rise in government bond yields, but our positioning at the shorter end of the yield curve has helped on a relative basis. 14
Southwark Diocesan Board of Education Incorpornted Directorfs Report and Financial Statements For the Year Ended 31 December 2022 INVESTMENT POLICY AND PERFORMANCE (continued) Medium and High-Rlsk Portfolios In this higher risk mandate, the non*quity constituents have proved to be useful diversifiers and have held up relatively well over the last 12 months. The main detractors have come from our overseas funds with high exposure to growth sectors such as technology, as well as our exposure to mid and small cap funds. The former group of companies have suffered as valuations have fallen despite fundamentals remaining good and the latter is pricing in a very negative economic outlook with numerous companies already pricing in a recession. Looking forward, markets are likely to continue to be volatile in the short term with uncertainty surrounding the future path of interest rates given that inflation remains elevated. However. over the past month or so we have seen signs that inflation is starting to peak which has enabled government bond yields to fall as central banks would be unlikely to implement more interest rate hikes than the market is currently pricing in. We also believe central banks will struggle to implement more interest rate hikes than already priced in given we are seeing leading economic indicator5 Start to slow and the chance5 of a recession are increasing. Any pause or less hawkish rhetoric from central banks is likely to help risk assets. which are trading at attractive valuations, start to rebound. FINANCIAL REVIEW The SDBE is established as a statutory body to fulfil a range of duties and responsibilities. Total income of £9.233.771 (2021: E17.278,524) was received during the year. During 2021. income included £1,600,00012021- £8,825,000) of donated assets and £5,304,622 12021- £5,919,905) of Voluntary-Aided School Condition Allocation IVASCA) grant funding. Excluding these amounts. operational income for the year was derived from the following sources: Schools {Service agreements and related income): £482,206 £475,586- 19%) 21% 12021: Maintenance scheme subscriptions: £534.076-23%12021: £554.470- 22%) Diocesan Grants: £348,312- 14% {2021'. £333,460- 13%) Lettings and Investments: £817.092- 35% {2021: £951,637- 37%) Other income: £162,315- 7% (2021: £218,466- 9%)
Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 FINANCIAL REVIEW {continued} To fund the discharge of its day-to-day outgoings in the delivery of The Diocesan Measure las distinct frorn its work connected with building works at the schools), the charity depends on the grant received from the Diocese of Southwark, which amounted to a total grant of £348,312 (2021: £333.4601 for the year, comprising £336,79512021: £333,460) core grant and £11,517 {2021: £nill of other grants. The charivs operational activities are represented by its unrestricted general fund. The operational expenditure of the charity exceeded its operational income, resulting In a deficit of £60.477 {2021: deficit of £231,601) before taking into account net gains on listed investments of £530.804 (2021: net gains of £278.434) and transfer5. Transfers in and out of the unrestricted general fund included a transfer in of £60,000 from the external periodic Maintenan restricted fund representing the costs of administering the fund {2021.' £60.000), and net other transfers out of the fund totalling £nil 12021: net transfers out of the fund of £299.593). This gives. read together with realised and unrealised losses on the value of investments of £530,804 (2021.. gains of £278.434), a netdecrease in the unrestricted {operational} funds of the charity for the year of £531,281 (2021: net decrease of £192,660). Overall, there was a net increase in total funds of £3.280.530 (2021". net decrease of £9,712,134), after also accounting for an increase in restrirted funds of £3.456,036 (2021: increase of £2,669,960), an increase in the property fund of £346,118 {2021- decrease of £6.857,378} and an increase of £9,447 in the value of endowment funds (2021. increase of £7,000) Southwark Diocesan Education Services Llmited SDES The charity operates a wholly owned subsidiary company, SDES Ltd. The company carries out a number of the charl5 activities including the provision of services for schools in the diocese of Southwark and the provision of administrative services for the charity. 16
Southwark Diocesan Board of Education Incorporated Directorfs Report and FFnancial Statements For the Year Ended 31 December 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT The Diocese of Southwark The Southwark Diocesan Board of Education is a separate registered charity, but it is an integral part of the Diocese of Southwark as a whole, fulfillin8 the diocesan Statutory duty in respect of children's education and it-s cornrnitment to chaplaincv development, It receives an annual grant from the Diocese through the Diocesan Board of Finance to fund the work of delivering the Diocesan Measure in the Board's schools. Board and Committee structure The members meet three times a year. There is an Executive Committee {Policy and Strategy) which meet more frequently comprising of the Chairof the Board and Chairs of the sub-committees and on occasion. the Chair of the SDBE MAT alongside other senior members of the Board'5 senior offIr5. The Board has four further committees: • Finance and Development Committee • Schools Committee + Further and Higher Education Committee • Audit Committee Key management personnel Together with the Board members. the Diocesan Director of Education, Assistant Diocesan Director of Educaiton. Financial Controller, Building5 and Capital Programmes Managerand Office Managerare considered key management personnel byvirtue ofthe fact that theyare responsible forthe day-to-day running of the Charity. The Staffing Reference Group inform the Policy and Strategy Committee with regard to the annual pay award to Staff. 17
Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinued) Relationships with other charities and foundations The SDBE has the opportunity to nominate a representative to the following educational charitable foundations, which support the provision and promotion of educational opportunity for children and young people through grants to organisations and individua15 Within the area of the Diocese of Southwark; • Greenwich Bluecoat Foundation • Culham St Gabriel's Trust • St. Mary Newington United Parochial Foundation It also has representation at Saint Cecilia's as a Member, SMUPF, Member, Bacon's, REAch2 and the Anthem Trusts. Directors of the Board The following were directors and members of the Southwark Diocesan Board of Education at the date of this report. All have served through 2022 except where indicated otherwise: Bishop of the Diocese (President) The Rt Revd Christopher Chessun The Rt Revd Dr Rosemarie Mallett Chair of the Board of Education Members appolnted by the Bishop (up to4) One must be a Bishop of an episcopal area within the diocese One must be an Archdeacon of an archdeaconry in the diocese The Rt Revd Dr Rosemarie Mallett (from March 2022) The Ven Dr Rosemarie Mallett (until March 2022} The Ven Simon Gates (Dec 20221 Mr Martin Brecknell Vacancy 18
Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements Fortheyear Ended 31 Dember 2022 STRucfuRE, GOVERNANCE AND MANAGEMENT (continued} Dirertors of the Board (continued) CROYDON EPISCOPAL AREA Croydon Archdeaconry Member of Diocesan Synod Clerk in Holy Orders Lay Member Reigate Archdeaconry Member of Diocesan Synod Clerk in Holy Orders Lay Member KINGSTON EPISCOPAL AREA Lambeth Archdeaconry Member of Diocesan Synod Clerk in Holy Orders Lay Member Wand5WOrth Archdeaconry Member of Diocesan Synod Clerk in Holy Orders Lay Member Ekindayo Olomu The Revd Annie Kurk Vacancy Dr Catharina Stibe Hickson Vacancv Vacancy The Revd Erica Wooff Vacancy Maria Mc8ean Vacancy Vacancy Irene Wolstenholme WOOLWICH EPISCOPAL AREA Lewisharn & Greenwich Archdeaconry Member of Diocesan Synod Clerk in Holy Orders Vacancv The Revd Ariadne van den Hof Miles Winter Lay Member 19
Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Directors of the Board (continued) Southwark Archdeaconry Member of Diocesan Synod Clerk in Holy Orders Lay Member Principal of Whiteland's College (or deputy) Alberta Rosenoir Revd Tomos Reed Vacancy Dr David Muir resigned July 22) Julia Corby Chair of the Southwark Diocesan Head Teachers Association Choirs of Sub-committees.. Policy & Strategy The Rt Rev Dr Rosemarie Mallett Schools Elizabeth Broad Malcolm Edwards CBE The Revd Andrew Williams Finance & Development Further and Higher EduG3tion One member elected from eoch sub<ommittee." Schools Finance & Development Further and Higher Education Co-opted Members (up to 4)." Elizabeth Broad Malcolm Edwards CBE Revd Andrew Williams Secondary Headteacher Primary Headteacher Helen Dixon Vacancy
Southwark Diocesan Board of Education Incorporated Dlrectorfs Report and Financial Statements For the Year Ended 31 December 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Senior Staff and advisers Diocesan Director of Education Assistant Diocesan Director of Education Financial Controller Rosalind Cordner Marcus Cooper to Oct 22 David Coyle Education Adviser Rachel Phillips Education Adviser Education Adviser Primary RE Adviser Secondary RE Adviser & Wellbeing, Mental Health and Character Education Adviser Governance Admissions and Development Adviser Human Resources Adviser Education Chaplaincy Development Officer Building5 and Capital Programmes Manager Buildings and Capital Programmes Assistant Projects Manager Vicky Matthews from June 22 Rachael Norman Shaun Burns Fiona Foreman Leo MoTrell to Feb 22 Julie Richardson Fiona Foreman from Nov 22 Paul Forre5t Sally Chapman Anita Marijetic Office Manager Administrator Office Support Caretaker Corrina Zukowska Elisabeth Hart Sheila Talbott Gyorgy Szabo 21
Southwark Diocesan Board of Educatlon Incoryordted Directorfs Report and f inancial Statements For the Year Ended 31 December 2022 PRINCIPAL RISKS AND UNCERTAIlEs The Trustee5 have overall responsibility for ensuring the Charity has an effettive system of control and for rnaintaining appropriate accounting procedures and records that comply with legislative requirements and good practice. To this end the Risk Registeris updated annuallywith any key actionsfollowed through via the appropriate committees. It is reviewed by Trustees at least annually as part of corporate risk management. Key risks faced by the Board based on the current educational landscape, falling pupil numbers and analysis of the Risk Register are outlined below. The anticipated impact of the White Paper to push for full academisation by 2030 was greatly reduced with publication of the Schools Act which removed the hard deadline. However, schools continue to explore academisation and the 5DBE recognised the need for a review of the structure5 in place nationally to serve a5 a baseline for the development of its growth strategy for the future. The current Trust cannot accommodate the Stand-Alone Trusts and the Board is reviewing the strategy for academisation over the year ahead. There will be other implications to the Boards as more schools join the SDBE MAT. income to EPMS is reduced, so longer term planning for the Board will shape the strategic vision for the next triennium. Following the Covid pandemic, Brexit, falling birth rate5 and the rising cost of living in central London, there are significant challen8es and some Local Authorities report increasing surplus places across both primary and secondary provision: the implications are that the organisation of our school stock will change over the next three years. Given the falling pupil numbers, the SDBE isworking closely with colleagues across the LA/other Boards of Education to identify the best Strategy to ensure CofE education is protected for future generations. In readiness for changing income to fund the Board's staff team, we have used the opportunity of natural turnover to review the positions in place and have used secondments and consultants this year to ensure we have capacity to deliver the partnership agreement without overcommitting to an unaffordable staffing structure. Where gaps remained, we brokered services frorn other providers (governance for exarnple} until the post was filled. 22
Southwark Diocesan Board of Education Incorporated Director's Report and Financiol Statements For the Year Ended 31 December 2022 PRINCIPAL RISKS AND UNCERTAINTIES (continued) Other systems in place to secure minimal risk include: Greater understanding of the sustainability of our famity of schools," beyond school effectiveness indicators, developing a stronger evidence base including finances (including any deficit. local context, estate. succession planning and pupil numbers) and close engagement with LA Education Teams. including engagement with local council and Cabinet meetin85. There is steadfast commitment to maintaining church school proF)Ortionality acr05S each Local Authority by engaging at all levels and through all routes available. Maximising representation of CofE voice. The Board agreed to fund a secondment for a day a week for an officer to focus who51y on managing surplus capacity pupil numbers, sUPPOrted by other team members. There Is the real understanding that some Schools will close over the next three years and it is our responsibility as a Board of Education to guarantee and support a well managed. dignified c105ure that marks the achievement5 of the school within the local community- whilst balancing this with the same need for sensitivity when meeting with the local community that will change with the opening of a new secondary school in Kingston. The Board wishes to acknowledge and thank the dedication of the school community over the last year and recognises the tremendous work of volunteer governors and committee members. We cannot complete our Tnission without them. Board rnembers would also like to thank the small team of hardworking staff at the SOBE for making the mission real and for being the l•nk between the diocese and the schools. STATEMENT OF TRUSTEES. RESPONSIBILTIES The Tru5tee5 (who are also directors of the Southwark Diocesan Board of Education Incorporated for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of 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: 23
Southwark Diocesan Board of Education Incorpornied Director's Repori antl Financial Statements For the Year Ended 31 December 2022 STATEMENT OF TRUSTEES, RESPONSIBILTIES (continued) observe the methods and principles in the Accounting and Reporting by Charities: Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102): 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; and 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 proper accounting record5 that disclose with reasonable accuracy at any time of the financial position of the charitable 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the Trustees confirms that: so far as the Trustee is aware, there is no relevant audit information of which the charitable company's auditor 15 unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of the Companies Act 2006. The Trustees are responsible for the maintenance and integrity of the corporate and financial information induded 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. Signed on be If of the Board of Trustees: htRe osemarie Mallett. Trustee Mr Malco Edwards, Trustee Approved by the board on:
Independent auditorfs report 31 December 2022 Independent auditorfs report to the members of Southwark Diocesan Board of Education Incorporated Opinion We have audited the financial statements of Southwark Diocesan Board of Education Incorporated {the 'parent charitable companVI and its sub5idi3ries (the 'group'l for the year ended 31 December 2022 which comprise the group statement of financial activitie5, the group and parent charitable company balance sheets. the consolidated statement of cash flows, and the notes to the financial statements, including the principal 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 group's and the charitable parent company's affairs 35 at 31 December 2022 and the group's 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. Ba515 for opinion We conducted our audit in accordance with International Standards on Auditing (UK} {ISAs (UK}l and applicable law. Our responsibilities under those standards are further described in the auditorfs respon5ibilitie5 for the audit of the financial statements section of our report. We are independent of the group 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 ethlcal responsibilities in accordance with these. 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. Southwatk Diocesan Board for Education Incorpoiated 25
Independent audltorfs report 31 December 2022 Conclusions relating to going conrn (continued) 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 thegroup's orthe charitable parent companws abilityto continue as a going concern for a period of at least twelve rnonths frorn 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 and Financial Statements, otherthan the financial statements and our auditorfs report thereon. The trustees are responsible for the other inforrnation. 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. 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 rnaterial inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement 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. Opinlons on other matters prescribed by the Companies Act 21x16 In our opinion, based on the work undertaken in the course of the audit: • the information given in the Trustees, report for the financial year for which the financial statement5 are prepared is consistent with the financial statements. and • the Trustees, report has 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 group and the parentcharitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. report. Southwark Oiocesan Board for Education Incorporated
Independent auditorfs report 31 December 2022 Matters on which we are required to report by exception (continued) We have nothing to report in respert of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion- • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- • the financial statements are not in agreement with the accounting records or returns; • certain disclosures of trustees. remuneration specified by law are not made; or • we have not received all the information and explanations we requireforour audit. • the trusteeswere not entTtled to take advanta8e of the small companies exemption from the requirementto prepare a strategic report. Responslbilities of Trustees As explained more fully in the trustees. responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being s3ti5fied that they give a true and fair view. and fof such internal control as the trustees determine is necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable compan5 ability to continue 35 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 group or the charitable parent company or to cease operation5. or have no ieali5tic alternative but to do so. Auditorf5 responsibilitie5 for the audit of the finantial 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 auditorfs reportthat includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit condurted 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. Southwark Diocesan Board for Education Incorporated
Independent auditorfs report 31 December 2022 Audltorfs responsibilities for the audit of the financial statement5 (continued) 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 are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non- compliance with applicable laws and regulations; • we obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the charitable parent company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 20111 and those that relate to data protection (General Data Protection Regulation); and • identified lavls and regulations were communicated within the audit team regularly and the team iemained alert to instancesof non-complian throughout the audit. We assessed the susceptibilty of the group's and the charitable parent compan(s financial statements to material misstatement, induding obtaining an understanding of how fraud might occur, by: • making enquiries of management as to their knowledge of actual, suspetted and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected relationships; Southwark Diocesan Board for Education Inco¥porated
Independent auditorfs report 31 December 2022 Auditorfs responsibilities for the audit of the financial statements (continued) • tested journal entries to identify unusual transactions: • assessed whether judgement5 and assumptions made in determining the accounting estimates were indicative of potential bias. • tested authorization controls on expenditure items, including staff expense claims, to check that all expenditure was approved in line with the group's and the parent charitable compantys financial procedures- • tested expenditure passing through the off-balance sheet conduit fund to check that it had been incurred in line with the funding agreement and had been appropriately authorized- and • considered the controls and processes in place relating to the conduit fund, in particular those relating to the receipt and use of the new Voluntary-Aided Schools Capital Allocation funding stream. In response to the risk of irregularities and non-compliance with laws and regulation5, we designed procedures which included. but were not limited to: • agreeing financial statement disc105ures to underlying supporting documentation- • reading the minutes of meetings of those charged with governance: and • enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-compliance. Auditing Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise duetofraud can be hardertodetect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statement5 is located on the Financial Reporting Council's website at: www.fr¢.or auditorsres onsibilities. Thi5 description forms part of our auditorfs report. Southwark Diocesan Board for Education Incorporated 29
Independent auditorfs report 31 December 2022 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 Art 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 3$5ume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. Katharine Patel (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL , IJ) Southwark Diocesan Board for Education Incorporated
Consolldated statement of financial activities incorporating an Income and oxpondlturo account Year to 31 Decernber 2022 G•neval d$ Lkslgnated Ae•tfkt•d Elldowrnent fvnds T11 2022 Tatal 2021 In¢om• amb en¢kn¥ffltn fvom: Grants and ¢Jwalh) Charitabl? aC1w.eS Other IrwMJ aclivl In¥estnnls Totsl Income 355.318 74.276 566.325 862.685 1,8$8.604 T.1 S..$36 6,641.854 670.256 566.325 I,(WJO,564 ,879,019 7.256,422 605,471 554.786 817.092 9,233.771 117.995 B17.996 9.425 6.191.942 10.477 10.47T Expenthtsjre on: Raisin9 fuThls charitab adNrt Total PendItUTE 431,126 1.487.955 1.919.081 431.128 511,353 4.356,739 10.387.985 4.787.865 10.899,338 191.878 191.878 2.675.6 2,675,W6 Net l•xpTrndliurnJl Incr before Inve51m•llt gain¥ and los IfjOA77> 626.118 J.Si&036 9.47T 4,091,154 11.ffi5.5671 investment I280.0} I8.S,0cl N¢1 IIOsse$y9ains M 15thd investments 118 (s,4) IS30,8041 278.434 Net {expendre)1lncorn? b81or•tranes 346,118 3.516,036 9.4TT 3,280.3SO 19,712,133) Transfers fvnds 15 Not In fyrtsts 1531.281 Yfj.118 J.4S6.OJI 9A77 3,280,350 19.712,1331 R•conGll&0n of funds: Fundstrfought foThvaRJ at 1 January 2022 Fund5 carried for •t 31 December 2022 3,412.743 16.837.564 1.314.942 24tyA16 21,805,665 31.517.798 15 2.881.462 17.183.6B2 4.770.978 249,893 25.086.015 21.80S.665 l of the grr¥Jp's acmies derNed from tsmtming opetation$ duriro ts above financial years. All recogni5ed gains arKI 105ses for the yew are included in the atove Statements of financial livilies. ComparalNe inf(ffmation by fvnd dass for Ihe year ended 31 De¢emLw 2021 isffJiven in rle 21. No summary ire and expenditure account has been produced as the only difference to the slalement of financial activities would be Ihe omisSn of eThJ¢)wed income of £10,477 12021.. £8,103),. endo*Ed expen(Jilure of £ £1.1)JO12021.' £1,1))O} transfer of £nil (2021. £1031 to the restricted fund. Southwark Diocwsan Board for Edu¢ation Incorporated 31
Balanco sheets 31 December 2022 Gr4)up Charlty 2022 2022 Group 2021 Chathy 2021 Tangible asset$ Inveslrwts 10 1236,19> 1.236.198 1.428.383 1,428.077 11 21.720.680 21.720.680 22,202,852 22.202,852 22.956,879 21956.878 23.631.235 23.630.929 Debtors Cash at b#rfK and hand 13 368.778 3,8B3,754 4.252.532 251,900 3,830,226 4.082,126 147,619 1,381,555 1.529.174 69.108 1.333,344 1.402,452 Cr•dltorn: amounts falling due witrin one year 14 11.179,3961 11,020.7401 12,4ff2,744) 12.2B7,4691 Net current a¥8¢ts (Ilabllllle¥) 3.073,136 3.061A86 1873,570) 1885.0171 more than one year Creditors." amounts f•llirwJ due after 13 1S0.000 1SO.ty)O I).000 150.OOD 14 {1,094.1)00) {1.094,0001 11.102.000) 11.102,000) NÈtassets 25,086,O1S 25.072.264 21,805.665 21,793,912 Th• lunds ol the charity Unre5tih#ed lund$ . General hjnds . DesKJnated hJnds Restrthd thJnd8 Endowmenl fvnds 15 2.881,462 2.869,711 3.412.743 3.4CQ.991 17.183.682 17.183,682 16.837.S64 16,837,5e4 4,7YO.978 d.no,978 1.314.942 1,314.942 249,893 249.893 240.416 240,416 25.086.015 25.072.264 21.805,665 27.793,973 The financial ststements re approved and auth¢yised for issu8 by t1 Trustees aThY were sKJned on their behalf by: l Revd r Rosem Mallett. Tntee Mr Makdm Ethmrds. Trustee AppThed by the b3ard on: i4 013 Southwark Dvxesan Board of Education InC0rated Company limited by guarantee Regislralion NLrnber. IXQ86641 {Engkqnd and Vlalesl The notes on page$ 31 to 57 fryrn part of the fin¢la1 8tstemenl& Southwark Diocesan Board for Education Incorporated 32
Con$olldated slatem•nt of ¢ash flows Year to 31 Dernber 2022 2022 2021 Notes Cash flows from operatlng acli¥its•s'. Net cash prowded by lused inl operating acb¥ths 1.130.247 15.806.880) D*iidends. InteSt and rents from inve5trnents Procee<J$ Irom the rfISpaI of listed 1nvestsnts Purchase of listed irwe5trn8nt5 N•t cash prov•d•d by Invosllry a¢ti¥l¢lg¥ 1,000.584 817,092 567.068 751.049 1634.6231 (686.239) 933.029 881,902 Chang• In cash and cash ¢qulvalents in the y•ar 1063.276 {4.924.978 Cash and cash equlvants at 1 January 2022 B 3,339.055 8.264.033 Cash and cash equivalents at 31 0ber 2022 5.402.331 3,339.055 Notes to the cash fl¢M statement for the yoar to 31 Decembor 2022: A Reconciliation ol net movement In funds to nel ¢ash flo from operating activities 2022 2021 Ntl movement In fvnds las perthe statement of flnancial activithts) 3,280.350 19,712.1331 Adjustments for.. Dewetja.0n ¢hwge Donated assets Losses l (gains) on listed wwes1 Losses on investment woperties DNidends. interesl and rts th inVeStrnts Arn¢)rtisth"on of lease premi Decrease in credito Ilncwsel I decrease in debtor5 N81 cash F¥owded byl {used w)} operatmg actNfties 192.184 1W2.502 (700.0001 11,6W.OLK)I 530.804 1278.4321 280,000 8,325,000 {1,000,5841 {817.1)921 18,0001 (8.DLXI 1232.6761 11,955.3631 11,211,831) 46,638 1.130.247 15,8L%.8801 B Analysss of changes In net dobt Ati Jwary 2022 Cash flows At31 2022 C8sh at bank and in hand Cash hdd by irbvesiment manayers 1.381.$55 2.502.199 3.883,754 1.957.5(K) 1438.9231 1.518,577 3.339.055 2.OS3.276 5.401331 Southwark Diocesan Board for Education Incorporated 33
Prin¢ipal a¢¢ounting policies Year to 31 December 2022 The principal &counting polieS adopted. judgements and key swrrm of ests'mation uncertainty In the Weparat of the financial statements are la out below. Basis of preparatlon These financial statements have teen wepared for the year to 31 Decemter 2022. The fina[la1 StaIeffts have ten prepa under the historical cost convenlion with items recognised at cost or transaction value unless olhemse stated in the relevant accounting p)licies bel¢M or the leS to Ite ffinanckql statements. The finarla1 statements been prepared in aCCdare with Accounting and Reporting by Charities.. Slaternent of Recommended Prxbce applicable to charit18s prepsring their accounts in accordance with the Finala1 Rewting Standard applicable in the United KJ"ngdom aThJ Republ of Ireland IFRS 11r21 (Charities SORP FRS 1021. th? Financial Reporb'ng StarKlard applUb in the UK and Rewblic of Ireland IFRS 102) and the Charities Act2011. The chanty (x)ng1itutes a wblic benefit ts'ty as defined by FRS 102. The finala1 slatements are FKesented in sted¥)g and are rounded to the nearest Fxjund. Critical accounting estlmaleg and awea6 of judgement Preparation of the financial ststements requires the Trustees and management to make sKJnifarttluo3ernts arKJ estimate& Th& items n thefiftarlal stateTrffitswhere thesejudgenwts and estirnates have been made inckth: * estimatir•J the useful economiclrfeof tanglb1efij a55etsfor the PUTpose5 of determining Ihe annual dewialN)n Charge.. termining the bS for amocating supp)rt costs across exrnditure categories.. determining the basis of valuat for the ch¥ity'$ investnEnt property tfolio. • the estimab'on of fuiure income and ey¥enditure for Ihe purp of assessing going Assessment of golng concem The Trustees have assessed the use of the wing COnM assumpt is appropriate in preparing these financial slatets. The Tru5tee$ have made this assessment in respect to a period of year fr(xn the date of approval of these financial statements. Southwarf( Diocesan Board for Education Incorporated
Principal accounting poli¢ie$ Year to 31 December 2022 Asse$$ment of going concern (continued) The 8oard's markel investrnents enjoyed SIhY increased dNidend inGome during the year. afthough [1 maleriaty so. As In the previiyjs year extensive financial mc•lling has been carried out to coverdifferenl scenarios. As the seriousness of the Cwd 19 pandemic appear5 to have receded somevknal (due in large part lo a successfijl vaccination campaign by the UK Govemmenll, the risk of rent defaLblts in Board cpmied proFerties Nw)uld appear lo have lessened. H¢)wevef. this particular risk hay Lwn replaced by spectre ol falling pupil tlenM)graphics Eeading to rotential hCo1 dosures, of which the Board has alreacly suffered o. In a worst eAse scenario. the Board may not be in operational surplus al the end of the coming year. howEver the Board has signTrftant tree reserve$ and also has access lo an overdraft facility should il b8 r8quired. The Trustees are therefoTe of the opinion that the charity has SLfftient reserves to be able to meet rts Iva"11"eS as they fall due. The most signifKant areas of juthjement that affect items in the financial statements are detsiled above. Wth regard lo the next &wunting pen(KJ. the year ending 31 Decernber 2023, the m0515ignificanl area5 that will affeGt the Carrying value of the assets held by the charity e the 1 of investment retum ¥vJ the performance of the irwestment and property markets Ipkase see the investment policy and ts risk management tiOnS of the Truslpes, report for nx)re inlormalion). In¢omÈ recognitio Income is recognised in the tWiCMI in whth the charily has entitlement lo the brKowE, the amounl can aSured lia1Y and it is probab that the income wll be received. Income is deferred onty when the charity has to fijlfil condibons before becoming enlilled to il orwhere thè donc or fijndèr has specifted that income is to be expended in a futu accounting peric4J. Incom8 comprises grants. mWn1enan subscriptions, rentsl and inveslrnenl incorne and thè income from the Char'S trading sub518ry. Income from other tralling livilies carried out by the tradir¥J SubSory compnse5. in the main. charge5 made for se5¢e agreement subscripbons. educab.onal consultary other seNces wovNJed to SC1KlS. and conduit project meMent fees. Granis and donations are inclL¥Jed as income from aclivitEs in furtherance of the charity's objectives where these amount to a contract for services. but as Voluntary income where the rrKJney is given in response to an appeal or wlh greater free(hJm of use. for example monies for core funding. maintenan arKI Servi 15ub5criplions e rwised in the financial year to which the subscription relatss and deferred if ffjceive(l in adwance ol Ihat finatal year. Income defived from the letbng of Ihe charity's investrnenl propert5 is cOgnised in the pemd to whh tenarY rdales, vthen it is probable that the funds will be received. DivKIerS are recognised vknen have been eamed and credited to the investment p)rtfolio. Southvmth Di0¢8san Board for Education Incorporated
Prln¢lpal a¢¢ounllng pollcies Year to 31 December 2022 Income (ccfib"nued) Interest on funds held on dekTht is In¢ked reeeivabbe and the amount can be measured reliabty by chanty: this bs normally un nobficatj'on of the interest paid or Payab by the bank. InCC¥r from educational is trJnted for an accruals basis with the tng recognised when due {traallY. Condurt prqect rrAnagement fees are recognhsed on tr date of completic¥) of the relevant project. Othw amounts derived from wital and Mainten project acbwti8s vkneTe the charity acts as an agent. administering projects fvndwj principally by the Department for Eduration and Skilis on behalf of the sehool govemors are excluded from these financial statements. as they consts.tute conduit frjnds. Details of these funds a sel out in note 16. Expgnditure recognition Liabilits'es are renISed as experMJibJre as 5crm as there is a legal OT constructive obligation commitb'ng the charity to make a payEnt to a third party, il probable that a transfer economic benefits wll be fequired in setuement and the arrh)unt of th8 obligation can be measured reliably. AN exFenditure is accounted forcffl an Tual$ basis. ExFertrJilure comprises direct costs and suppJt Costs. All eynses, Iluding SUPFth ¢xists. are allocated tr apwtioned to the applicable experlIule headings. The daSSificati tel¥en actiwties is as follcw45'. • Expendthire on raising fvnds includes the direct wsts and support costs associated wilh generating rental inc0Th. together wth the fees paid lo Investnt rnanager5 in conneclton wth the management of the chty.$ listed investrnents. Expenditure on ch*ilable activrties inclvjes all costs asKKialed with fvrthering the chwitable of the charity through the provssion of its charilatAe activities. Sh costs irKlude direct and supp)rt costs linduding governance costs). Allocation of support and governance costs Supp)rt costs represent indirect Charitsb expendrture. In cder to wry out the primary purposes of the charity il is necessary to piowde supwt in the form of personnel developmenL financial wcceduw. proVisn of offiee savices and equipment and a suitable working environmenL Governance costs corryw the costs wiNrfvirvJ the publ acuntabllity of the charity (including audit costs) and o)sts in res to its complkance wth regulat and good practice. Sukwrt costs and govemance ¢X)sts are apFQrtion&Y using percentages based on the time spent on ih& by the en¥knees of the tharity. Tanglble fixed The charity's policy is to capitalise asset purchases over £1.000. Depreciation is provided on tangible fixed assets so as lo wrrte dosyn the cost over the expected useful life. Southwark Diocesan Board for EducatKsn Incorporated
Princlpal accounilng policies Year to 31 December 2022 Tangiblo fixed assets l¢ontinued) The followng depwiation rates are used: Freehold WOFerb'es and [o[rty improvements 2% straight line Office equipment 25% straight line Invegtments Listed investments are a form of tsic financial irtstrumenl and are iniiially reccgnised at their ITan5action walue and subsequenlly measured at their fair value as al the balance sheet dale usirwJ the closing quoted rnaet pnce. Realised and unrealtsed gains lor losses) are credited lor debiledl lo the statement of finarrAal acts"Mb"es in the year in which they arise. The tharity does not affjuire put opknons. deiiwatives or crther complex financial instruments. Investment properbes are incIjed in the financial ststements at the estimated current market value of the propertres based on open market value. The valuation ha5 bèen determined by the Tnjstees after consultsb'on wAlh profe&sional pryty advisers. During the year St John's CE school in warth closed. The BO3 is CUTrently preparing lo lease the empty site lo generdte IrMe lo supy)rt the activit5 ofthe Charity. As a result the site has been brought into the xcounts al mathet valuab.on as an investment property. Forni•r school siles In the course of adminislerirwj a Capilal sche uler the Educab"on Acts 1944 10 1973. the charity as Trustee lo a number of formef schcds, kne fOrnr property may be sdd or leased a5 Part of the implementation of the yeheme. These proceeds are generally 'fe monies" in the hands of the charity to use urKler the provision5 of the EdUcatn Acts 1943, sutyecl to the re51nctions apYIng under Se.0 86 of the 1944 Act and Section 2 ofthe 1973 Act. The TrLLStees do not consKler that il is wacticable lo a value on such assets and, accordingly. they are nol induded in the ffinaal statements. Debtors Debtors are recognised at setttement amount, any provisK)n for non-recoverability. Prepayments are valued at amount prepaKI. They have been discounted lo the present value of the future receipt where swh diSco).J is material. Cash at bank and In hand Cash al bank and in hand preSentS SLth accounts and instruments that are available on demand or have a maturity ofless than three monlhs from the dale ofacquisilion. Cash placed on dew&l for more than one year is disclos&J as a fixed asset investment. Creditors and provisions Creditors and provtsions are recogrrised there is an oblHJalion * the balants sheet dale as a resuh of a past event. it is rffobable that a transfer of economic benefit will be required in setilemenl. and the amunl of the settlement be estimated reliably. Creditors and provisHJns are recognised al the amount the eharity anlicipates itwould pay lo seltle the debt. They have discounted to the present value of the future cash payment where such discountng is materid. Southwark Diocesan Board for Education Incorporated 37
Principal accounting policies Year to 31 December 2022 Subsidiary undertaklng The chanty owns the whoie of the issued Sha capita of Southwark Diocesan Educalton Savices Ltmiled. The p1paI tsvIty of the subsidiary undertaking is the provisic of ser for schcols in Soulhwark Diocese arKI administrative seN15 for ils parent undertaking. The (s[ANjaled financial statements include the financial slalements of SDBE and subsidiary Southwark Diocesan Educab"on Service5 LirThted. In accordance vh the current SORP, a separate state[1 of financial actwities dealing with the sUltS of SDBE has rK)t been presenl&J. Funds The charity has various type5 of frJrK15 for it is ieswnsible aNJ wh¢ch require separate (Jisclosure. These are as folhy4*S". Unrestrlcted funds Unrestricted funds aiise from all the umulated surpluses and deficits in the provision of general Charitable activities. Deslgnated funds Designated funds are fuTrJs set as#Je CArt of general fvnds by the Trustees a)d designated for a pa'¢ular wrpose. The Wnce on the designated prcwty fund represents the n81 twk value of the fixed assets the Va of InvRnt Pfoperties shown on the balance sheet at that date. Rostrict8d funds These are funds sUbt to splfi¢ coThJin$ imF¥)sed by ts dorKK or ty the sp1C terms of a trust deed or ¢)ther legal rreasure. Iricoff and expenditure on re$lricted funds is tsken diredly lo those lunds in the slatenEnt ol finarKial adbMbe5 exwt to the exienl that irKome is fredy avaiktye to the charity. Endowment funds These are funds suty'ectto ttbe cOnditn thatthey be hekl as pemnentCaPIts1. Unexpended income is Ided in the relevanl fvnds in x¢ordanGe with the terms of the trust. Custodian trusts Trusts, where the tharity acts merely as stadi Trustee wrth no contrd over the rnanagemenl or use of the furKls, are noi inthded in the statement of financial actiwtie5 or balance Sheet Conduit Funds- capital proi•cts The charity is responsible on behalf of 5dtr)ol govemor5 for the financial admini51ration of capital projects fvnded by Ihe DepartnEnt for Edwtion IDE) and Lwal Aulhorib'es. The stalulory kgal ogreenEnt betPen the charty. the s¢hools and the government department gives the dwrity ulb'mate control over Ihe apPIalk)n of the Vduntary Aj'ded S¢hwl$ Capital Allowance grants lo SpeUr sthcols, therefe these are recf>anised as restricted income by the ¢harbty. Detals of funds afe set out in note 16. Southwark Diocesan Board for EducatM?n Incorporated 38
Principal accounting policies Year to 31 December 2022 Funds (ClIned) Conduit Funds- capifalproiects (confvnued) The agreert grants no dea'sion making authority lo the charity over the schools, funds. including Devolv8d Fomiula Capilal grants and governots. fvnds, aTrJ therefoie the charity acts as adminislrabve agenl in respect of these. Accordingly these fvnds represent conduit fvjnding and are iherefore exduded from the th¥ity's ffnantsal slalements. Pension contributkns Contn"butions are made for full-tsme slaff to the Church of England Church Workers'Pension Fund and to the Teathers. Pensi¢M Stheme. The pension Costs charged by the schemes are based on actuarial nElhods and assumpts.¢S deThe to Spre the anbcipaled Fension Costs over the service lives ol the empk)y8es in the scheme, so as to ensure that the regular pensron cost represents a $ubstantialty ¢sistent per¢entage of the Current and future payroll. Variations from UL1 costare spread over the remaining seNi¢e lives oflhe current employees 38 are thereth accounted for as if they were defined contribution schemes. Further delw'ls are set crt in note 17. Southwark Diocesan Board for Education Incorporated
Notes to the financial slatements Year to 31 December 2022 1 Grnnts and donatlons funds funds 2022 D•x4san gr¥1 Donated al&- 16 5t (not6 1 Ibl 11.517 34B.312 7CJ.(QI 7.000 $7S,019 18,623 S.575.019 Othtrrgronts 2022 TOW funds 18.523 71)0.000 $.616.$36 UME5trKted fvrK15 General D8svJnaled lunds lund8 En¢)Y•Tn8nt nds luTras 2021 grant Donated 8SS818- WaIth St John's Inote 11bl VASCAGrarts Otrrtr wants 2021 Trtal knds 333.4eo 1.6Crt).(O) 1,6W,000 5,304,622 18.340 7.256,422 5.304,622 18,340 351.eCQ 1.6th),Cth S.304.622 The Charity assists ¥ntary aided schcJs with sclKd buikliThJ projects. It historically acted as the agent of school govemcfs in helping to arrange fiJnding through the DIE and Local Aulhofities and in paying professional fees and building c051s on behalf of schwl governors. The VASCA (Voluntsry-Aided Schc< Condition Al(tiOn) system was introduced in April 2020 and sukrseded the LCVAP ILc¢alty Coordinated Voluntary-Aided Programmel. The char¥Je in funding gives the charity uth'mate control over the application of the VASCA grants to SFecific sthjots. HistorKalty, the LCVAP wa5 not reflected in the Statement of Financial Actiwb"e5 as the Charty had no control over the funds. The transactions were those of the scho(A5 and controlled and apwoved by the 9mfrLKs rather than the Charity, bthich acted as agent. Since the use of the VASCA grant lunding is at the discrelion of the Board il is now induded in the SOFA a5 Incorr along wrth the related expenditure. The unspent balance at the end ofthe year is committed to projects or retumed to the DIE if rKJt committed within iwrj years of the grant date. 2 Charltable actlvities fvnds lund 2022 S95.98 Othei etlu¢8lpJnal . Advwry and consulanGy t••s . 8i5hpp'5 certthate school grman(• . other SUrry inc*m& 2022 Total funds 4029) 40,250 3,840 30.186 74.276 30.186 74276 595.gBQ Southwark Diocesan Board for Education Incorporated
Notes to the financlal statements Year to 31 December 2022 2 Charftable •ctfvitl¢s (continued) unStr1 fvnds General Csunated Restricted Endrr)npnl lunds funds nds 2021 534,076 534,076 Other 8ducètK)nal Incorn• . ¥[sory arKt consyRanGy fees . 0p'Srt18 in thurth sch1 9o¥emar . Other suTrJry 2021 Total furnls 61.867 61.867 2,400 7.128 605,471 7.128 71.395 SY.Q76 3 Other tradlng activities Unresldrtsd funds funds tuTr18 funds 2022 492.865 492.86S tsnagemenl fees . Capital p¢4eds . m•inten8n prqe(18 Trniniry e%Yr Aththonal advrKl Sundry Iraéin9 lThco 2022 Tolal lurvjs 1.348 7.398 3.335 3.212 29.167 S66,325 7.398 3.33$ 3312 29.167 566.325 Unrestrided lund$ Gerwl "Ynd1ed ReStled ETrJMn8nl fvnds funds funds 482.206 482.206 Man•goment 18es . Capital pr4ed¥ . intenan p Twairung enIS A¢Althn81 ad¥Aorswort trading 2021 Total 4,817 15.286 4.817 15.286 21.650 21.650 30.? SY.786 5Y.786 Southwark Diocesan Board for Education Incorporated 41
Notes to the financial statements Year to 31 December 2022 4 Income from investments fid 2022 93.724 768.1 861686 9.426 10.477 113.627 886.957 1.000.584 Renw ond kK%)rre 2022 Tcal fvnds 117, 117,996 9.420 10.477 Generdl D25ynated Rerthd Endrywrwt ftjnds J5 luTrJ5 2021 LIsd and vnlistrl knvesljrw Rental 8j tb'n9s illcL¥r 2W21 Tolal fwnds 60.39) 676.077 736,467 13,023 8.103 81.516 735.576 817,092 59.4 59.499 13,023 8,103 S Exp•ndityr• on ralslng funds fun nth fund5 fund6 2022 Letbn9$ewses Investrnent man•¥rn•rrtf••s Bart( charges 2022 Total funds 391,382 34.676 391,382 34.876 S,060 431,126 431.126 Unrestrhapd fur¥15 Gonewal [nated Restr4 Endrymenl fu15 fur fund5 Lettings expensas 483.486 24.475 3,3¥2 511.353 24.475 8ank Charges 2021 Tot funds 511.353 6 Expendknre on charltable acthilileg Unrestrlct•d fund8 funds 2022 Schopl rnanl•nancg eypefid VASCA gr¥ntexFndure AdvKe arKI guKlan Training 8nd de¥eWrw* 471,6C 2,192,611 471.806 2,192,611 1.148,405 292,309 251,808 4.355.7 1.017.229 247.858 222.868 1,487.956 131.176 31,952 28.740 . 191178 11,489 2022Total fur#lB 2.675.906 1.ODO SouthwaFk Diocesan Board for Education Incorporated 42
Notes to tho financlal statements Year to 31 Dernber 2022 6 Expendlture on ¢hafltabl• activitl•s {tin{Ed) Unreknted frJnds GpnErnI Dwnated R05tAraed EndnI fuThJy fvnds Stht4JlrnaIren3n e>¥eThlhure VASCA grant expeThJ4ur• Advts ar guwJaKe TMniNJ and devEk7prnent PNoJecl manageJThrrt 2¢21 Total lund5 951,592 7,672.182 951,592 7,672.182 977. 465.265 321.852 1.000 10.387.985 881.825 288.888 283.8B) 1,434.596 115.269 38,639 136,738 191,877 760,512 7 Analysls of totsl expenditure ditecuy •ll0led ct Suppwi 2022 Rai5(ry funds <1 51 Ch8rilaty activitus In¢Xe 61 . School Maeatt expaThJknre 430.868 258 4Jl.126 471.8C 566.124 140.043 )6.951 1.645.792 471.8Q6 1.148,405 292,309 2,444.219 4.7B7,865 424,934 115,028 2.2BS.712 2.825,932 157,347 37.238 121,558 316.141 . Trn9 afvj de¥ekywl . 0J9¢t mana9enwl ¢osts co$ o)st8 2021 fuThJ8 Inots 51 Chafiabb acvitS Incts 61 . SCDI MahTrtenan experk4lurE . and guan(* . Tr¥knia and dEVElopThrt . manJg¢mEnl St1.IC 247 511.353 951.SW2 411.691 152.935 51.763 2..07 951.592 977.094 465.264 7.994.034 10.699.337 418,772 277.113 7,810.124 8.W.256 t39,631 35,216 132,147 Support costs are analysed as folh)ws'. Exwdbjrn on tharttablo acUvlUe% Advke and Training and Proipct guTrdan¢e 0gveloF¥nent m•na9ement Ttstsi 2D22 FirOn and F Adrrth)tstraITh 77.379 37.290 42,678 IS7.347 4.372 22.467 10,399 37.238 138,585 11S.128 62,428 316,141 SS.371 9,351 121.556 2022 Tolal fund5 Southwark Diocesan Board for Education Incorporated
Notes to the financial statements Year to 31 December 2022 7 Anatysis of total expondithre {c4)nb"nuedl ExFerdAuie Dn Charilab Ad¥e aThJ TInkn9 Pmio guwjantè rn•nagèm Toiol 2021 FThnc and MR i5tralYJn Govemanc 2021 Total funds n.011 3fi95 20.388 11,133 35,216 48.045 73.162 10,940 132,147 123,751 127.959 55.284 306,994 33,211 139,631 AIF costs loCatIOnS are made the basis ofe5tThated tbme Spent by stsff. 8 Net movèment In funds Nel in funds is sld after chargNIg" 2022 2021 st8ff co81$ IrKJle 9) Depreoatim (note 10> Au(Jrtor's rerTKwier8lion [1ng VAT) . Autht worf . 0th8r seIC . Prior year Bank thar9es arxl wrt8res1 bank loans arKI ov8rdrn 1.210.259 192.184 1.132,803 IY2,501 28.693 4.710 4.366 5,068 25.790 6,860 1,110 3,392 9 Employ•• key management pevsonnel rnmunerntion (a) Staff costs 2Q22 2021 Wages and salarie$ Soci81 sewrfy ¢))sts Pen$ffl costs 760.WJ 79.908 206,448 1.047,205 869,437 74.045 186.830 J,3f2 163.054 1210,259 2tr2.491 1.132,803 (b) Sfaff numbe The numter of er•byeeS nrO the year. calculated on an average he*£Junt basis, 1612021- 161. SouthwaTk Diocesan Board for Education Incorporaled
Notes to the fjnancial statements Year to 31 December 2022 9 Employ99 and key managemgnt porsonngj r8rnun•ration (Contin1) fc) Higherpaids¢aff The number of employees Nthose emduments fell bthin the followng bands vrds.. 2022 number 2021 mimber £60.000- £70.1)¢xI £70.001 _ £80.LK() £80,LK)1 _ £90.[) £90,1 . £100.(KQ £100.001- £110.iXKI l of the at)NE higher patd enyloyees parlicipaled in the Teachers. PensKJn Scheme. Aggregate employer penSIL contn"buk)ns lor the above emptyee5 during the year amounted to £145.76212021- £82.1121. Details of the Teachers. Pension Scheme are given in note 17. (d) Key managemantpersonn Key Marerrent personnel comprise Trusls logelher with the Director of Education, Assistant Director of Educab"¢M. Financial Controller. Buikling and Capital Prograrrrn Manager and the Of(e Managers. The aggregate remrtIOn and tenefits by key management Fersonnel during the year was as ftAkrws'. 2022 2021 Renwneration. i4Udirg eryloyerfs National In5urarK8 C1)ntritr1onS 401,419 96,985 498.404 400,507 101,878 502.385 The above figures do not indude the vJue of staff tirre rechargeable lo SDBE Multi- ademy Trltsl Inole 18). None of the Trustee5 received any remuneration or reimbursed expenses in resF•Ct of their seiceS during the year12021 ~ Tr)ne). Southwark Diocesan Board for Education Incorporated
Notes to the financial statmients Yeai to 31 December 2022 10 Tangible fixed as80ts Fre2hokl PrLyety tsffi and bNTrland irrPr. ¢Wty cornputr Iwiklirys tri tyuyrrenl Group total Cost At 1 January 2022 Additbns At 31 fcwnber2022 2.864,0 95.834 1959.884 22.481 2,9B2,385 2,,050 95.834 1959.884 22.481 2,982,36S Depr•¢Lqtton Ai 1 J•nuary 2022 Chary8 fcrf th8 year 1.527,859 14).939 1.718.798 3.948 1,$31.80Y 191.879 4,888 1.723.686 22.175 1.SS3,982 305 192.184 22,480 1.746.166 Nett*)ok var 1.1452SI 1.,191 9).946 13x198 91,886 1.428.077 1 1,236,199 1A28.383 131 Drthr 2021 11 Inveslments 2022 2021 and ¢h•rity Listed imiestrnents Investrnent propeths {a) 5,090,680 5,992,852 Ibl 16.630,000 16.210.000 21.720,680 22.202,852 In addilion to the above 1nvestsnts. the chanty also holds 8 £1 investment in the call-UP shaf8 ¢apital of its wh)IIy-Thned traling SU"diary, Southwark Diocesan Education Servic9$ Limited {note 121. A full revaI110n of propety Portfdio wa5.urthrtaken by Rapleys LLP in Marth 2023 and this has been refiected in these valuallor (a) Listedinvestm 2022 2021 Grow and ¢harlty Mthet Val at 1 Jawary 2022 Additions DISF5813 Ipro¢xls: t4.847. realtyed ILxses." £68.2211 Unrealtsed gains on revalualKJn Mgrkgt value at 31 Decwnber 2022 4.035.352 3.821,730 634623 686.239 1$67,0681 1715.8081 1530,8041 243,191 3.571103 4,035.352 Cash hekf by inv8str1 1.518,577 5.090.680 1.957.500 5.992.852 Cost ofl'sted investmenls ai 31 DeCber 2022 3,543.296 4.981,208 All li8ted investments Y•pre deall in on a rttogni3&J 5thk exchange and comprised UK equibes and UK managed fvnds. No indivhdual holding comprised more than 5Vh of the Fortfolio in eiltier the current or prior . Soulhwarf( Diocesan Board for Education Incorporaled
Notes to tho flnan¢lal ststements Year lo 31 Dmber 2022 11 Investments Iwrtinued) (b) Invesfmentproperfes Charity and Grc4Jp freehold operties Group and charfty 2022 2D21 Vduation at 1 Ja)uary 2022 Additions Revaluation in the year valuati at 31 Dnber 2022 16,210.000 22,935.0(KJ 700,000 1280.0001 8.325.000) 16,630,000 16,210.ix)o His1 cost al 31 December 4,998.161 4,298,161 Addib"ons to inVestrt woperb'es include £7C().CM)O in relation lo the donation of a fomier school building at 16 Larccn Street (linked lo Sl John's CE Primary School London}12021- £1.600,Crf)O WaV0rth Sl Jthn's). lCh is being held to generate rental incom8 to support the work of the Gharity. On the basis that the chanty's investrnent prcperties have continued lo generate rental yields which are materially comparable to those earned prior to the pandemK, the Iruslees do not crfftsider that there has been any material imp8iTment to the fair yUe of these properties Sin the prevtous valuabon. 12 Investment in subsidiary undertaking The charity ¢Jwns 100% of the issued ordinary share capilal of a Subsidi uTrJertaking. Soulhwark fcrE5an Education seNs Limited larrK>unting to £11. which is fegislered in England arml supplies admtnistratNe Servi to the charity and to Schools in the Dw)se. The company tegan trading on l Aw'l and its iesulls for the penod and assets a1 14abilibes have been conSolated into Ihe chanws financial 51aleffnts. Totsl InCe for the year was £613.578 {2021.' £608.660}, 9ross profrt was £417.05712021.' £565.9471 and total administratNe exFendibJre was £1,522 (2021.. £166,748). The nel profit after taxation was £nil (2021- £nill after recognising gift aKled donats.ons payable to the parent charity under the conditions of its Memorandum and Arb"des of Association of £417,057 (2021.. £399,199). 13 D•btors Amounts lling due bthin one year. Group 2022 barfty 2022 Grwp 2021 Charity Othef debtors Pr&p*ymèntsand aUed 199.216 169,$62 36B.778 122.709 129.191 251.9DO 91.286 $8.333 147,619 51,559 17,549 69,108 Southwark Diocesan Board for Education Incorporated 47
Notes to the financial statements Year to 31 Dmber 2022 13 Deblors {continued) Amounts fallin9 due in rrwe than one yw. Group and Group and Charity Charity 2022 2021 Arnents due fr(xn SDBE mtAcadeMY Trust 150.000 150,000 Amounts ree represent funds invested in the SD8E Mu[AcademY Twst to fund ils early development. Whilst there is an understanding b81ween SOBE and the Trust that these fvnds are to be paId. there is Th) obh'gat)n for this to take place within the nexl 12 months. 14 Creditovs Amounts falliry due ithin one year. Group 2022 charfty 2022 Grtyjp 2021 Charty Tr• rJedrfors Othercredito Conduit creÉtor AccnJaLs and 1leferr•J kncc Amunts lo uTrYewlaki Deferred 9$e prerwm Ise• 606.337 132.019 S90.697 100.971 1.279.551 372,554 1,2.492 383.717 742,639 614,459 lo,1 1.179.J 1.020.740 2.402,744 2,287,469 Amounts falling due in nre than year. Group and Group an¢J ¢lwrity Charity 2022 2021 150.OIXI 944,000 1.094.0ty) 150.IXJO 952.000 1,102.OCXI D&ferred Highsho ase premium Amounts rwatrAe lo Southwath 0eSan Board of Finance represent the drwdown on 8 loan made available to SDBE to fund the earty development of SDBE MultiAcademy Trust. There is no requirement for any orall of the balare lo bo repaid in the nexi 12 months and therefore the full amount has been presented as falling due in more th one year. The deferred Highshore lease ryemium represenls Ihe remaining balance on a premium of £I,000.(XQ recived by the chanty during tr*e year ended 31 De(tmber 2017 in 4)eCt of a 125 year le8se ofthe HKJhshore School site lo Ihe Mayor and Burgess ofthe London Borough of Southwark. The premium is being released to the Statement of Finar181 Acts"vities ¢)ver the life of the lease. As such. £8.000 is indLKled under accNals and deferned income falling due thin one year. with the remaThJer falling in morn than Or year. Soulhwark Diocesan Board for Education Incorporated
Notes to the financial statements Year to 31 December 2022 14 Credllots (contind) The nvements C deferred ir¢LYne are analysed as folkAMs.' 2022 2021 Broughl for as at 1 JarAwi 2022 Released in the year New deferyals in Ihe y Carried fcrfwafd as al 31 Decwnber 2022 1,088.179 1,087,417 1136,1791 {127.41n 132.416 128.179 1,084,416 1.088,179 The defeffed income ban represents.. + servi iriLX)me ielatirwj tr) perKKls after 31 Dernter 2022 of £132.416 P021'. £128.179}. arKJ • Deferred lease premium Irome idab.ng lo the Highshore lease, split btheen £8,000 included in ¢xedilors falling due within than one year12021.. t8,0001 and £944.0 included in Cfediiors falling due in than one year12D21.. £952,000). 15 Analysk of grcwp Iurbds Anatysis of grnup netassets behyeen funds 2022 Totsl nd5 Gwwal Prtsrty Restcted EndoThont fuThJ fundB TaThgib fixed assets sted inveslrrw Inslffwnl protert Na uJNeni Ordtslitiès} ass NLytroJNent a$5¢ts Nr•n<¥N¢ni 1obi6tss 1.2J6.199 1.2,19 S.Dg0.680 16.630,000 3.073,136 150.000 1944,0001 11.094.000) 249,693 2S.086.015 4.146.364 7,964 179.J52 I,ow,000 14.541 IS30,[ 317.483 11,264,9021 4,006,014 150,000 11SO,QOOI 4.770.978 2.881,280 17,183,602 D•5grnatod pioFwty ROStsithd ENlowm• JThY lu15 funds 2021 TotAI ltsnd$ G8nar81 ted assets Lthd investmtnts IDve51menl Nèt cuiieni Uiatxithsl assets Non-cutwenl assets Nj[w8n liabldies 1.428.382 1.428.382 5,992.851 16.210.000 1873.5691 150.0 1952,0001 11.102,Tr)1 240,416 ?1,805,685 4,751,893 1,C3.747 177.211 1,COJ,¢Y)O 15.205 15.210,( 199.182 11.339.1YII 251.194 150.rKKs I150.ClI 1.314,942 3.412.743 16.837.564 Southwark Diocesan Board for Education Incorporated 49
Notes to the financial statements Year to 310e¢ember 2022 15 Analysls of group fund5 {continued} Roconclllatlon of funds BolwKe at 31 Decomr 2022 g/lanG¢ ai 1 Januory Offlo Ewndlur• Ilos¥l Trnnsf•r¥ 240,416 ii.oooi 249.893 $94900 1471.8061 1510.D661 451&019 12.192.610) 1.863.Cl 1.314.942 160,0001 64,174 2,834,343 1.672.461 4.770,978 VASCA capital fu$ Olhor restrided lunds 4191.942 12.675.906) 160.0001 Property Croy¢on stAd& Furvj 11.830.085 700.0 117, 817,996 1191.#781 I280,0) 17.059,007 124,876 17.183.682 16N7.564 If91I7al 12aO,OOD} G•neFl fuvth IlvKluany tradkng Ilm o1£11.7551 To• unr•stytthdfvNIs 3.411743 1.858.81Tr4 11,919.0811 ISJOM041 20,250.307 I676,600 12,110,959) 1810,8041 60.000 281.462 160,OODI 20.065,144 21,eo4665 8.879,019 14,787.8851 1810M041 Z6,OB6,015 ea1•Th at 31 Dermber 2021 1 January 2021 Gaiisl (lo8) Trnnsl8 EndGTnnt fijnds tJ3.416 8.103 11.000) 11031 240,416 Re5trtrthJ funds 177.819 1.819.496 1.9B6.722 3,964.ts7 534,076 51.5921 S4.622 (T,672.1821 13.024 1136.7381 50S1,721 {8.760.5121 239,69 VASCA c•pital fvTrJs IY8.Wl 1,863,CQ8 1.314,941 239.6 tsvJnated knnds Property fvnd Cmydon StAnd3 Fu1 2I55S.885 1.6.( 139.057 59.499 23.694.942 1.659.499 (8.325, 16.830,885 6.879 16.837,564 1191.87n 1191.8771 (8.325.w)I GeneralfvThts (JncAuwJ t31rj lun¢ts of £11.7551 3.6C6.403 1.714.448 11,945,949) 278,434 2?.3.345 3.373.947 12.137.826) (8.046.$661 P39,5931 3.412.743 39,5931 20,250.307 31,517.798 9.233,771 110.899.338) 18.046,5661 21.805.865 Southwark Diocesan Board for Education In¢orporaled
Notes to the financial statements Year to 31 December 2022 1S Analysb of group fvnds (contin) Endo%•Tnentfunds repYesenta fijnd held under a Section 86 orderand a fund setaside under 8 Charity order to devdop Church of EThJland education. The Extemal Pgriodic Maint•nanv Scheffle is a seh8me deve by the charity on a voluntary subscripb.on basis to ensure that all the schcols in the DISe can maintain Ihe external fabric and structural elements of their buildings. The fund tsalan carried forward represents the accumulatKJn of incc¥ne over ey4)enditure which is available lo me81 th8 Govemors. 10% liability for ongriro 5cheme5 of maintenarte works. The DIKesan grnntrestricted lund rejates lo funding wovwjed by the DiLxese of Southwafk lo fund a sF)eor wst and thaplaincy support. The Croydon St Andre8 ¢apilal funds represent rewjts of capital fvnding from a clos school. Nthich have been applEd to i{rment works at that s¢hool lo keep the property compli1 insured. Other restricted funds wesent assets arising from the disposal of fedundanl school buildings to be dOoyed by the Souttrmark Diccesan Board of Educab"on under Section 554 of the Education Act 1. Such fuTrJs can be deployed (directly and indirecllyl for the eveknpmenl of exisling schools of the prowsion of new schwls Y1n DirKese of S(NJlhwath. Suth Schwls are lo fdkml the tenets ol the Church of England. The designated property fund rewesents the net book value of the fixed assets and invtslment properties at the b8[ae sheet dale. The dl9ated Cyoydon St Andrew$ fvnd represents irthme rereived from the rental of the St Andrevls school t¥JildirKJ lch the charty intends lo apY towards further retuth'shment work at Ihe school. VASCA fund - The buildirg proFcls fvnd reJ)resenls the income reraved frorn the VASCA grant the Departrnenl for EducatKfft and the associated c(MItMent0n the fund. The funds are restricted lo capiia and maIntenar projec15 at the sch(KJls. VASCA funds mu51 be commilled to woiects or retumed lo the DE if not committed within years of the grant dale. Southwark Diocesan Board for Education Incorporated 51
Notes to the financial statements Year to 310e¢ember 2022 16 Conduit funds- uphal projects 2022 2021 Irtrcorre Expenditu 6.783.279 ,739,1 16.783.279) 18,739.9)1 The irwm represents fijnds reCeiVae from Salix FinanG8 Ltd, DevrAved Formula Capital from schoJ15 and Governor and Lccal Authority Contributhxs lo building projeols. while the expenditure figure represents SUPF4ier and contrxlor costs incurred and commilled durirwj the year. Unspent commrtted costs are realised in the forthcoming financtal year and represent timwvJ difference5 in wuiring the funds wth their related expenditure. The main reasons fcy the drease in 2022 are reduced fvndiThJ from the Salix Finan Company and associated govemor and Devoe FomuLg Caprtal conlrtbutions. These are recognised as income and eXndItUTe as discussed in note 1 and the aceountsng polie5. The Conduit FurKI exisls to channd fvnds sourced from the public sector into capital and maintenartce Fwoiects in schcds" it posts no proffil all its funds are committed. A5 al 31 Decemter 2022 the combined lolal assets of the ftjnd {l1cling accrued income) amounted to £6.8m. The ccrfnbined liabilit8s were Identi1. A(ltially, as at 31 December 2022 the charity owed £nil lo the conduit fvnd 12021.. £nill. Separately, amounls held on behalf of hoojs as part of the Devofved Formula Capital Stheme Iwhid) are ultimately destined for the conduit fund) V•Ere £0.6m at 31 December 202212021". £2.49m}. These fvnds represent agency Cash balarS in the thanty. arKI are not IlLd in the charity's fvnd balances. 17 Penslon and simllar obllgalions The Group's employees trEk)ng lo ly principal pensty)n sc1Me5. the Teachers. Pension Scheme (TPSI and the Church of England Church Workers Pensi¢)n Fund ICWPFI, which are of the defined benefit type. assets of the xhemes being held in separate Truste administered funds. Both the TPS and CWPF fund assets a not appoits.oned lo indiwdual employing bojies in fund and there[e both constrtute collective defined benefit pension schemes under Financial Reports'ng Standard 102.. Secti¢ 28- Employee Benefits. The total PenSn cc6t wa5 £206,44812021'. £186,830). There were no cre¢Jitors falling due within one year at either 31 December 22 or 31 December 2021. The Teachets. PenSn Scheme rrps) is a statuw, contrit*Jtory. defined benefit scheme. governed by the Texhers. PenSIn Stheme Regulations 2014. Membership is automatic for teachers and lecturers who are or have previously been emptyed al eligible in5titulions. Teachers and teclurer5 have the optb)n to opt out of TPS Idlowng enrolmenl. Southwark Diocesan Board for Education Incorporated
Notes to the financial statements Year to 31 December 2022 17 Penslon and slmllar obligatlons {ccrttinued} Teachw5'Pension Scheme (Gonb"nued) The TPS is an unfunded scheme to whh tKth the memter and employer makes contributions. as a percentage of salary- thes? conlribut)ns are credited lo the Exchequer. Retirement and other Fension bffitS are paid by putAK provided by Partlamenl. Under the definitions set (xrt in FRS 102, the TPS i8 an unlunded multsemployer pensi scheme. The charity ha5 accounted for its contributK)ns lo Ihe scheme as if tt were a defined contn"bub"on scherrÈ. The charrty has set out the infrjnnalbon awL4ble on the Setherr below. Valuatlon of the Tea¢lRts' Penslon Scheme The Government Actuary. using norn1 actuarial prinaples. CductS a formal actuarial review of the TPS in a¢[dance %Mth Ihe Put41¢ servi Pension$ IValuab"ons and Employer Cost Capl Difecbon$ 2014 published by HM Treasury every 4 years. The aim ofthe review is lo speufy the level of future ccmtributions. Actuarial scheme valuations are dependent on assumptions about the value of fubjre costs. design of benefits and many other factors. The lalesl actuarial valuab.on ofthe TPS was carri&J out as al 31 March 2016. valuab'on report was published by the Department for Education on 5 March 2019. The key elemenls of the valuation and subsequent consunation a. • employer ctribUtIon rates set at 23.68% of penSionae pay {induding a 0.08% adMiThStrati levyl; • totsl scheme li8lxlities {pensKY6 curwtly in payment and Ihe estimated st of future trMefils) for Serye lo the efftive (late of £218,ICQ million and notional assets leslimaled fvture contribub"¢)ns tcgett*r ffith the notional investments hekd al the • valuation datel of £196.100 million, giving a nrAh)nal past seN¢e deficil of £22,000 milliDn,' and • the SCAPE rate. sel by HMT, is us&J lo detene the notrjnal investment return. The current SCAPE rale is 2.4Yi atove the rate of CPI assurned real rate of relum is 2.4Qh in excess of price5 and in excess of earnings. The rate of real earnings growth 15 assumed lo be 2.2tsA. The assum1 nominal rale of return including earnings giowlh is 4.45%. • The next valuation result is due to be imFAemenled from 1 April 2023. The empjoyerfs pen w5ts paid to TPS in the year amounted to £104.92112021.' £80.3431. A copy of the valuab.on rep)rt SUPting dccumenlation is on the Teachers, Pensions website. Southwark Diocesan Board for Education Incorporated
Noies to the financial statements Year to 31 December 2022 17 Pension and slmllar obllgattons (continued) Church ofEngland chUh WO Pension Fund valuattt oflhe Church ofEngland Church Wort(ers PensKJn Fund Soulhwark Dicrtesan Board of Education {DBSI participates in the Defined Benefits Scheme sectton of CWPF for lay staff. The sche is administereil by Church of England PenOn$ Board. which hofds the assets of the schewts separately from se ofthe Employer and the other participab"ThJ emptoyers. CWPF has seclions. The Defined Benefits Scheme The pens Bulder Scheme, which has h¥0 subsections: deferned nty section known as Pension Buikler CS[C. and. cash balare sert)n kr>Thvn as Pension Builder 2014. Ddined Ben8ffts SGlJem& The Deffi Benefi15 Scheme fDBS') section of the Church Workers PensN)n Fund provides benefits for lay stsff iN8sed on final penstonabyo sarleS. For ftTrnding purpjses, DBS 1$ dNkled into SupoolS in respect of each participating employer as well as a further Sub-pX. kncvm as the Life RL%k Pool. The Lrfe Risk Pool exists lo share eertain risks befv empwrs. includiThJ those relating to mortalty arKI post-retiremenl Investment retums. The division of Ihe DBS into suprs$ is notiorwl and is for the wrFM)se of calculaling ongoing contributions. They do not alter Ihe fact Ihal the assets of th8 DBS are held as a single trust fund out of which all the teneffts are to be kyovided. From tsme to time, a nolional premium is transferred from 1per$. sU)01S to the Lrfe Risk Pool and all Fensi¢)ns and death eneffts are paid from the Lrfe Risk Pool. The heIr 15 a Muth"MoYer schwne as described in Section 28 of FRS 102. tt is not pThsible to attrrbute DBS assets and li8bilth"e5 to specif¢ employer5. since each employer. through the Life Risk Section. is exFrfJJ to &iuarial risks associd with the ¢uffent and folmer employees of other enbties parbcipab.ng in DBS. This means that contributions are accounted for as if DBS vRre a defined contrilwtion scheme. The pensions costs charged to the SOFA during the year are contribub.ons payable lowards benefrts and expenses accrued in that year12022.' £101,526., 2021.. £1(A.519). If. follry•ving an actuarial waluaN)n of Ihe Life Ilsk Pcol. there is a sutplus cf deit in the pool. turther transfers be made Irom ts Lrfe Risk Ptsjl to the employers. SupoOlS, or vir versa. The anunts tg te transferred land their allocation betsen the sutFpoolsl will te settkd by the chUh of England Pensions Board on the advice of the Actyary. Southwark Diocesan Board for Education Incorporated 54
Noles to the Ilnancial statements Year to 31 December 2022 17 Pension and $lmllar obllgatlon5 leontinuedl Church ofEngland chh Penslon Fund {continu8d) Defined Benefits Scheme {c(hryLTnue(lJ A valuation of DBS is carrd out every three years. The most recently finalised was carried out as at 31 December 2019. In this valuation. the Life Ri%k Section was shown to be in deficit by £7.7m and £7 7m was notionally IrarBferTed from the employers. sub-pools lo the Life Risk Secbon. Thig Increased Ihe EmtAoyer contn'butkS Ihatwould olhemise have been payable. The overall deficit in C6S vrds £11.3m The next actuarial vauation is due at 31 December 2023. Followng the valuation. the Emfver has entered into an &3feemenl with the Church Workers Pens)n FuTrJ lo pay a ¢(trIbU0n rale of45% of pensionable salary and expenses of £5.400 Fer year The legal stwcture of the is sh that if another employer fails. the employer could become resnsIble for paying a share olthal employers Fensicfi liabilities. 18 Related party transactlo The Souihwark Diocesan Board of E¢knation 16 a rThnpany fimited by guarant. The resu116 ar balance sheet of Styjthwark Edutstion Services Lirnil ISDES) are consoli(Saled into these financial statements. The Southwark Desan Board of Education has taken a¢fvanta9e of the exempbon5 in FRS 102 and has not reported transactions betsveen il an(1 SDES. During the year ended 31 Decemter 2022, the group receNe¢l grant fvnding amountrng lo £336.795 12021.. £333,460) in resFecl of the Diocesan Measure and letti'ngs income of £20,31312021'. £19.21XII from the scyJthWa Diocesan Board of Finance and South London Church Fund. whh Is a rdated party as a result of sharing a number of Tfustees with the charlty. At the yeaf end. the charity owed £150.OC(112021". £150.0001 to the Dioan Board of Finance in resFect of a loan used partty to fund the eatty devek)pment of SOBE Multi- Academy Tfust (note 14). During Ihe year ended 31 DrnEr 2021, the group received incon of £11.490 12021.. £11.1541, indijding VAT. from Bacons College in respect of the provision of a service 18vel agreement. £nil was owng at 31 202212021.. £nill. &xon's College is a related party as a result of shariNJ a number of Trustees wlh the charity. During the year ended 31 DMr 2022. the group received income of £121,088 12021.. È143.8121 iludIng VAT from the SDBE Mulli-Academy Trust in respect of the provision of a swvice level agreement and ackjibonal alwsory and Consultsnw work. AS al 31 December 2022. £11,613 remained to be rerriwj 12021." £25,640). SDBE Mults-Academy Tfusl is related party by wrtue of the fact thal it shargs a nurnir of trustees with the ChY. Southwark Diocesan Board for Educalion Incorporated
Not•s to the Itnancial statements Year to 31 December 2022 16 Related party transactlons {contin) In 2017 the charity advanced £150.000 io Ihe SD8E Mulli-Academy Trust in order to fiJnd ils early ¢JeVelOYfit. At year eThJ. £150.000121r21.' £150,CIJOI was Teceivable in respect of this balance. lIst there is an understanding befven SDBE and the Multithcadery Trust that these funds are lo te repaid. there is no obltgation for this to take place within the next 12 months, thwefrKe this amount is presented as a debtor falling due in more than one year IrKJte 13). 19 Funds held asagenl Durir4J the yeaT. the charity xted as an en( with interest receivable £2,08012021: £821 being paid into accounts held on behaw of varvjus Schools ur¥Jer the aegis of the Di¢e$e of SthWark. No amunts were PaKI over to these sckjols in either year. At the year ond, balan$ of £160.243 were hekl in designaknj bank lnts separate from the charity aTh trading sub5bJiary'5 designated bank accounts {2021: £158,162). As the Trustees have responsibility for the application of ltr (w¥J5. lh8 income arNJ bank balances have been exduded frfm the financjal statements. 20 Membffl¥ The company is lirnited by guarante8 and the liabiltty of lh8 members is limited lo an amount not exceedwKJ £1. Southwark DFocesan Board for Education Incorporated
Notes to the financial statements Year to 31 December 2022 21 Consolklated statement oi financial acllvlil•s- Year to 31 December 2021 Unreslrthl knds GEnErdl Tolal 2021 Talal 202 N¢4 fror Grants and dwai haritabk aCIN8$ Other trading 8ctyvii5 In¥eslmenls Tot81 incorr 351.8Tr) 71,395 554.786 736.467 1.714.448 1MI.i>J) 5.304.622 534.076 7,256,422 15,158.835 605.471 62Q,651 554,786 547,401 817,092 951.637 9.233,771 17.278,524 59.499 1fi59.499 13,023 5.851.721 ts.103 8.103 Expenditure C.. Raislw funds Charilable 8¢174e5 Total exkndrturo 511,353 1.434.$96 1.945,949 S11.J53 10.387,965 10.899.338 345.940 6,095.714 6.441.654 191.877 191.877 8.760.512 8.760,512 N81 intfjma {eXnditUre) befcre investMet9aw)s Ir31.SOI1 1.467,622 (2.908.791) 7,103 (1.665.567) 10,836.87D Lknreah5ed losses on instmenl pmperles Nel gams on kstad investmen15 I8.325.1) {8.325.LXIDI 278.434 278.434 217,871 Nol Mic4Jm6 IèxpndiluI belorE transfs 46.933 16.857.378) (2.8.791) 7,103 (9,712.1331 11.054,741 Transf8rs b8t%W8en luTrJs 15 (239,53) 239.696 11031 Net N¥)veftnt ftmds 1192.6f4Jl 16.857.378) P.W,0951 1g.T12.1331 11.1)54.741 ReconalLqtK)n offvrnls.. Futhds brought rorw8rd 811 January 2021 Funds urried knrd al 31 Decerntrr 2021 3,605.403 23.694.942 3.984,037 233.416 31.517.758 20.463,U57 Is 3,412.743 16,837.564 1.314.942 24D.416 21.805,665 31.517,798 Southwark Diocesan Board for Education Incorporated 57