2023-12-31-accounts

COMPANIES HOUSE SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Developing Church of England Education SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Directors, Annual Report and Financial Statements For the year ended 31 December 2023 Company limited by guarantee (00086641 England and Wales) Registered charity (No. 313001) SDBE B mpptin# 16 November 2023 Registered & Principal Office: 48 Union Street London SEI ITD A09030DD 0710812024 COMPANIES HOUSE A14

37

Southwark Diocesan Board of Education Incorporated Dlrector's Report and Flnanclal Statements Forthe Year Ended 31 December 2023 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 Independent Auditor's Report 15 18 19 22 23 23 25 Financlal Statements Consolidated Statement of Financial Activities Balance Sheets Consolidated Statement of Cash Flows Principal Accounting Policies Notes to the Financial Statements 29 30 31 32 38 Start of Term Eucharist October 2023

Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2023 Trustees The Rt Revd Christopher Chessun (President) The Rt Revd Dr Rosemarie Mallett Martin Brecknell Elizabeth Broad Julia Corby- resigned July 2023 Helen Dixon Malcolm Edwards C8E- resigned July 2023 Prof Peter Flew- appointed Feb 2023 Ven Simon Gates Revd Annie Kurk Maria McBean Ekundayo Olomu Cheryl Payne- appointed July 2023 Eileen Perryer- resigned January 2023 Helen Poyton - appointed July 2023 Revd Tomos Reed Alberta Rosenior Dr Catharina Stibe Hickson Revd Ariadne van den Hof Revd Andrew Williams - resigned July 2023 Miles Winter Revd Erica Wooff Irene Wolstenholme Senior leadership team Roz Cordner (Director of Education) Pia Longman {Asst Director of Education) - appointed Sept 2023 Company secretary Roz Cordner Registered office 48 Union Street London SEI ITD Charity registration 313001 Company registration 00086641

Southwark Diocesan Board of Education Incorporated Director's Report and Financial Statements For the Year Ended 31 December 2023 Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers National Westminster Bank plc P.0. Box 3038 57 Victoria Street London SWIH OHN Sollcltors Winckworth Sherwood Minerva House S Montague C105e London Moved to.. Arbor 255 Blackfriars Road London SEI 9BB SEI 9AX from October 2023 Eco Garden Christ Church Streatham Autumn 2023

Southwark Dlocesan Board of Educatlon Incorporated Directo¢s Report and Flnancial Statements For the Year Ended 31 December 2023 Acronyms and definitions used throughout CofE CEFEL CCL4 Church of England Church of England Foundation for Educational Leadership Central Board of Finance of the Church of England CPD Continuing Professional Development DfE Department for Education DFC Devolved Formula Capital DIOCESE The Anglican Diocese of Southwark EDI Equality, Diversity and Inclusion Further Education Full time equivalent Higher Education Further & Hlgher Educatlon Local Authority Multi-Academy Trust Memorandum of Understanding National Professional Qualification Partnership Agreement RAFT Retrofit Action for Tomorrow Rl Requires Improvement SDBE Southwark Diocesan Board of Education Incorporated SDBE MAT Southwark Diocesan Board of Education Multi-Academy Trust SDES Southwark Dlocesan Education Services SMITF St Martin-in-the-Fields SMNUFT St Mary Newington United Foundation Trust OFSTED Office for Standards in Education Standing Advisory Council on Educatlon Statutory Inspection of Anglican and Methodist Schools Service Level Agreement Senior Leadership Team Statement of Financial Activities Stand Alone Academy Trust Voluntary Aided Schools Condition Allocation FE FTE HE F/HE MAT MOU NPQ PA SACRE SIAMS SLA SLT SOFA SAT VASCA

Southwark Diocesan Board of Education Incorporated Dlrector's Report and Financial Statements For the Year Ended 31 December 2023 Directors, Annual Report The Board members, who are also Trustee5 and Directors for the purposes of charity law, have pleasure in presenting their annual report, together with the audited financial statements, for the vear ended 31 December 2023. OBJECTIVES AND ACTIVITIES Background The SDBE Charity exists to fulfil the statutory duties of the Diocese of Southwark for the education of the 37,000 children and young people attending its 103 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 chaplaincy in the HE/FE colleges and universities across the diocese. Objectlves The purpose and objects of the Charity are set out in its two main constitutional documents: The Diocesan Boards of Education Measure 2021; and The Articles of Association of the Southwark Diocesan Board of Education. Shaped by these, the Charity'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 nationallyi To develop and grow highly effective, inclusive Church of England schools rooted in Christian values; To celebrate and share the richness, quality and success of our schools and chaplaincies,. and To offer exemplary service to our schools and chaplaincies. Start ofTerm Eucharist October 2023

Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2023 OBJECTIVES AND ACTIVITIES (continued) Activltles The work of the SDBE runs within three key areas; Church School Effectiveness, Development of Chaplaincy in schools, colleges and universities, and development and growth. As such the charitv advises governors of all Its schools IVA, Foundation, MAT and SAT) on any matter affecting church schools in the diocese including, but not limited to development in the following areas; Supporting school improvement, professional development of teachers and school leaders, CPD for staff and governors, professional advice and pastoral care. Providing advice to any proposed changes to the status, viability and future of all schools (including significant changes); Approving all new building, alterations and refurbishments to Church School buildings. Appointing and supporting Foundation governors for all church schools. Advising and supporting governinE bodies on the appointment of headteachers and senior staff; Receiving and considering the reports of all formal inspections (SIAMS and Ofsted) at all church schools, which are required to be carried out under the educatlon act 2005; analysing outcomes and further development of support shapes the ongoing CPD and briefing to schools. Key headlines are shared with the Board and its committees; Providing Chaplaincy Development support across the seven HE and five FE institutions, in addition to the chaplaincy development and support that is given to our schools,. Ensuring CofE representation at the 11 SACRES across the diocese; representation on LA Committees for Overvlew and Scrutiny (or equivalent democratic services meeting). Providing a comprehensive professional offer via The Partnership Agreement to a11103 schools including headteacher and senlor leader meetings and annual conference; Structuring the advlsory team to enable flexibility in offering additional support, training and development from year to year to meet any immediate needs in addition to the core offer; Overseeing building works and repairs in school buildings and managing school buildings for schools which have closed. Publlc benefit In pursuit of its operations and activities, the Trustees have paid due re8ard 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-seven thousand children and young people in the maintained education sector throughout the Diocese of Southwark, in real terms we achleve this through the regular contact with school leaders and governors and in response to requests for advice and support via our Partnership Agreement for Church of England schools and academies and our relationship with the Southwark Diocesan Board of Education Headteacher Association.

Southwark Dlocesan Board of Education Incorporated DSrectorfs Report and Financial Statements For the Year Ended 31 Decernber 2023 ACHIEVEMENTS AND PERFORMANCE Working with the Dlocese Commission on refugees Work began In 2023 with Justice, Peace and Integrlty of Creation (JPIC) to share and showcase the work of SDBE schools across the Diocese who have welcomed and supported refugees from across the world. Three SDBE schoo15; All Saints, Church of England Primary School, Croydon, St Dunstan's Church of England Primary School, Cheam, and St Gabriel's College, Lambeth, gave evidence at the Commission on the Integration of Refugees, South London Local Engagement Hearing. The Commission hearing provided an opportunity for schools to share the integration, wellbeing, educational and community work they have been doing as well as highlight some of the challenges facing schools. The evidence will be used to support the Commisslon's report and recornmendations for changes to the way the UK processes and supports refugees and asylum seekers. The Commission hopes that these recommendations will be adopted by policy makers and will result in tangible changes to the current system. Llvlng In Love and Falth (LLF) The Board continued its work with diocesan staff on Living In Love and Falth (LLF) bridging the gap between church and school to provide information on how schools are led by the Equality Act 2020. Growing Falth The work between churches and schools in the Diocese this year continued to be supported through the Growing Faith group, a partnership between the Diocesan Children and Young Peoples Team (CYP) and the SDBE. Growing Faith is a movement that exists to put children, young people and farnilies 'instinctively at the heart of all the mission and ministry of the Church by changing the culture of the Church of England, The group updated and re-circulated the Twelve Ways Churches and Schools Work Together document, met with Deans of Fresh Expression and Dean Estates Ministry and gathered and shared good practice. A new Diocesan Growin8 Faith Committee was established, building on the steering group with CYP and SDBE. The Committee is chaired by Moira Astin, Archdeacon of Reigate. Wellbeing and Chaplaincy Further and Higher Education Chaplaincy networks continued locally and nationally In 2023. A cross- London Suicide Bereavernent training day was hosted by the SD8E in April. Another successful Chaplaincy Summer Gathering took place in July. The SDBE start of the academic year Eucharist in October 2023 saw an enhanced role for chaplains within the service, raising the profile of chaplains wlthin the SDBE scope of work and for the schools. Mental Health in Schools There was an increase in opportunities for mental health leads in schools in 2023, The contemplative toolkit, Space Makers. continued to be used and ten people were trained, who in turn have passed the strategies on to others. Connections with mental health contacts in local authorities were strengthened. There was notable development in relationships between school and church.

Southwark Diocesan Board of Education Incorporated Director'5 Report and Flnanclal Statement5 For the Year Ended 31 December 2023 ACHIEVEMENTS AND PERFORMANCE (continued) Eco and Climate Justlce This year saw the SDBE review and agree its Environmental Policy in line with Diocesan policv. Eco tralning focussed on sustainability and climate justice. Many schools worked closely with their parish church to ensure that the eco agenda and climate justice remained a priority, for example taking part in the Christian Aid 'Get creative for climate justice, project. Working with schools to sift the vast amount of information in the public domain is one of our key roles so that schools can actively engage with Carbon net zero projects and decarbonisation plans for their schools. The National Nature Park has come on-stream and is a virtual park for schools to contribute to: 'The National Education Nature Park and Climate Action Awards empower children and young people to make a positive difference to both their own and nature'5 future, In addition. some schools engaged with the Ministry of Eco Education, an organisation promoting eco education throughout the currlculum. Our climate ju5tlce unit has been used in several schools as part of our raislng awareness of the wider world, Projects in development throughout 2023 include a more comprehensive 'count vour carbon, tool developed by Keep Britain Tidy, the Church of England and several other partners which gives the diocese a clear picture of the position schools are In and how they are tackling the whole sustainability agenda. Work continued with the Salix Public Sector Decarbonisation Scherne Award, with amendments to scope. Awards of £11.6 million and £1.3 million were channelled through the SDBE in 2021 & 2022 to be used to install alr source heat pumps, carry out insulation improvements, install LED lightin8, solar panels and solar thermal across 62 schools as well as the SDBE HQ. These awards benefltted both academy and VA schools. Our schools, gas use will be greatly reduced via a hybrid system in which electrlc heat pumps wlll provide most of the heat input (using greener electricity). The flnal comrnissionlng of the pumps was severely delayed. A recovery plan was finally agreed with the main contractor for the heat pumps in Autumn 2023. Salix Low Carbon Skills Fund awarded an amount last year to undertake a desktop-based strategic plan for all our VA schools and a pilot programme of detailed heat decarbonisation plans for 13 pilot schools and the SDBE HQ. Working with Retrofit Action for Tomorrow (RAFT), a not-for-profit architectural practice, specialising in net zero retrofit - the high-level plan and detailed feasibility plans for a range of school building typologies (Victorian, Edwardian, post-war etc.) were completed in March 2023. Working With RAFT again, the Board was successful in securing £30,000 from the Mayor for London's Community Energy Fund funding for an energy efficiency evaluation for Coulsdon C of E School and for a series of pupil and staff net engagement training across five primary schools in Croydon, Larnbeth. Southwark and Wandsworth.

Southwark Diocesan Board of Education Incorporated Oirectorf5 Report and Financial Statements For the Year Ended 31 December 2023 ACHIEVEMENTS AND PERFORMANCE (continued) Equlty Diverslty and Inclusion (EDI) Throughout 2023, SDBE continued to make progress and develop in equity• diversity and inclusion with significant achlevements both in-house and In supportlng our schools with approaches and embedding good practice. A key area of work was on raising the profile of and understandlng of equity through sharing and promoting the diocesan Anti-Racist Charter. This included creating new training for governors, expandlng development opportunities for school leaders and growlng our partnership with the National Education Leaders of Racial Justice at the Church of England. The team created bespoke training for schools which recognised schools, individual journeys and needs in EDI. For example, leading a twilight sesslon at St Savlour's and St Olave's School exploring their identity in light of the "significant cultural and structural change" on issues of racial justice within the Church of England (From Lament To Action, Church of England Anti-racism ta5kforce, 2020). SDBE instituted a Headteachers, Steering Group working with its Advisers to raise the profile of this key strategic priority and engage our schools across the Diocese. The group will also be a vehicle to engage with excellent work which is belng undertaken in some of our local authorities. To increase opportunities and grow future leaders, SDBE continues to support accredited training and qualifications far school staff and leaders from UKME/GMH background5. Two key areas of focu5 are promoting the SDBE delivery of National Professional Qualifications (NPQ) with the Church of England and 'Leaders Like Us, in our schools. SDBE also focused on shaping curriculum design to support equity, dlversity and inclusion. A comprehensive review of the primary RE syllabus was conducted through an EDI lens. This ensured wider opportunities for deeper learning and exploration of equity and diverslty in different strands in RE. New units of learning on racial justice and social justice were written and piloted in schools. A new SDBE equity Statement wa5 completed for use on all SDBE materials and recommended to schools for recruitment and marketing materials. Governance In 2023 work continued in supporting governing boards to be effective, supportive, challenging and impactful. There are 10 schools participating in the 2023-24 Bishop's Certificate in School Governance, and a full prograrnme of sessions open to all governors continued during 2023. Advlsers continued to provide bespoke sessions for governing bodie5 on recruitment, financial management and restructuring. 10

Southwark Diocesan Board of Education Incorporated Directorfs Report and Flnanclal Statements For the Year Ended 310ecember 2023 SIAMS and Ofsted Inspectlons There were 29 Ofsted inspections and 9 SIAMS inspections across the year. Summary of School Ofsted inspection grades in 2023 and to 31 December 2023 in total I school No. of Good or better Outslanding Good Rl Inadequate schools 0.96% No of schools Inspected No of schools/ % 2022-2023. 29 27 24 103. total 100197% 19118% 811.79%. 0/0% . Summary of School SIAMS Inspection grades under the old framework in 2023 No. of Good or Excellent Good Rl Schools better Inspected IneffeCt￿e No of schoo.Is. Summary of School SIAMS inspection grades under the new frarnework in 2023 No. of JI The school Is Ilvlng up to Its J2 The inspedion flndings Indlcate that the school Schools foundatlon as a church school. has stren8ths, but that there ère also Issues that Inspected leaders need to addres5 as a matter of prlorlty. IPriorltle5 are Ilstedl No of sclools We supported schools to improve outcomes for all, through CPD, including the NQP Flex In schools and helping to develop school leaders of the future. Advisers continued to support schools through SIAMS reviews using the opportunities provided by the new framework to ensure all aspects of provision were and continue to be shaped by a deeply rooted, theological vision that sustains the school through periods of challenge and success. CPD including NPQS The Board ran a full programme of training sessions for staff and governors in 2023 whilst also encouraging the Union Street staff team to further their training at every opportunity. In 2023 The SDBE became an NPQ delivery partner for CEFEL and all programmes had successful launches. Sessions began running for the National Professional Qualification in Senior Leadership (NPQSL). 11

Southwark Diocesan Board of Education Incorporated Dlrector's Report and Flnancial Statements For the Year Ended 31 December 2023 ACHIEVEMENTS AND PERFORMANCE (continued) School Buildings Design work on the new six-form entry 11-16 VA Secondary school in Kingston began in earnest in 2023. A series of detailed desiBn workshops were held with the DfE and their contractor. Board officers and the headteacher of Christ's School, partlcipated, with further advice given by the schools, team, for specialist provision and ICT. Following these workshops and pre-planning design reviews, with an independent panel reporting to Kingston's Planning Officer, an application was submitted in November 2023. A decision is due in spring 2024. Proposed desi8n for new Kingston School Works began on the expansion from infant to primary school at St Peter and St Paul's, Chaldon in August 2023. We are grateful to Surrey County Council for the funding and delivery of this project. As part of a developer-funded scheme for Wandsworth Council, St George's C of E Primary School, Battersea is to be relocated in a new school building at Nine Elms. It will be co-located with 20,000 new homes, community, and leisure facilities on a 562-acre site. The school will be two-form entryi with nursery and community space. The current future of the current St George's site (land vested in the SDBEI is to be agreed. Construction started with an expectation to complete in spring 2026. .rr Yyi vl Desi8n lor St George's Nine Elms site 12

Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements Forthe Year Ended 31 December 2023 ACHIEVEMENTS AND PERFORMANCE (continued) Flnanci31 sustainablllty In 2023, in response to the changing school landscape, the SDBE increased its work in supporting schools to achieve financial sustainability. This work has included supporting individual schools to develop budget plans, training for governors and leaders on future proofing schools through financial sustainability and supporting schools to development and strengthen partnerships across the diocese. Partnerships and Secondments The SDBE recognises the considerable benefits school partnerships offer and in 2023 the SDBE continued to support governing bodies to develop strong and sustainable partnerships alongslde providing training forgoverning bodies looklng to explore this as a future option. There are currently 16 schools working within 7 different partnerships across the diocese. Although each partnership takes on a different form, all benefit from shared staffing models which not only help to manage finances but also add capacity for school improvement. Alongside supporting schools to develop more formal partnerships, the SDBE has continued to support schools with maximising the benefits of secondments. Secondments provide opportunities to share staffing costs and expertise while provlding staff with a pathway to further develop their skills in multiple settings. Given the difficulties in recruitment and pressure on school finances the use of secondments has proven to be a valuable tool in helping to add stability and capacity where needed. Admlsslons In 2023 work continued in offering support and guidance on admissions and appeals and assisting governing boards in drawing up admission arrangements which meet local circumstances and are compliant with the admission5 code. Our admissions guidance assists governors when considering church related aspects of admissions. Collective Worship Southwark Cathedral housed the Leavers Services for Year 6 pupils who were leavlng their primary schools to move onto secondary schools. The services are a chance for the pupils to give thanks to God for their time in their Church of England primary School and to ask God to travel with them as they moved onto secondary school and beyond. We held eight services across June and July. Schools contributed to our services by offering sacred spiritual music, words or liturgical dance around the theme of 'faithfulness' to our worship, interpreting the theme in different ways that inspired them at this time in their lives and would guide them in their futures. The services were well supported by the Cathedral Chapter and 8ishops. We are so grateful that the Bishop of Woolwich, Bishop Karowei, was able to be with us at two of our services to affirm us all and share his irrepressible, joyful and hopeful message of faithfulness with our leavers. 13

Southwark Diocesan Board of Education Incorporated Dlrectorfs Report and Financial Statements For the Year Ended 31 December 2023 ACHIEVEMENTS AND PERFORMANCE {continued) Human Resources We welcomed 10 new school leaders in September 2023 and have 7 partnership/school support arrangements in place. The first SDBE and Schools Staff Survey focused on inclusion and was published and shared with all stakeholders during the spring term, capturing base-line EDI data from which to measure progress over time. The SDBE staffing review, including re-evaluation and benchmarking of roles, updates to Job descriptions and the re-shaping of some roles, was completed. As we ended the year, we were fullv staffed, ensuring the Board's services are fit for future user needs. Worklng with schools on sustainability, guidance on 'right sizing teams and pay, was developed and shared with our schools through the summer and autumn of 2023. This area of strategic support wlll contlnue to evolve. Support has been provided for individual and/or partnerships of schools, including; job benchmarkingp job evaluation, achieving increased rigour in performance managernent (value for money), restructures, school reorgani5ations and staffing reductions. By the end of 2023 we had establlshed a resource bank of professionals who can provide coaching, mentoring and supervisory support to our school leaders, we had provided and/or brokered support for 10 school leaders in year and delivered 6 training sessions with a focus on wellbeing for leaders and governors. Rellglous Educatlon 2023 Saw the beginning of the review of the Prlmary RE Diocesan Syllabus for Religlous Education. The first phase saw rnany of the teaching units having EDI and climate justice strengthened or explicitly included in them, and updated resources. The second phase involved a review of the syllabus with units being framed differently through different lenses of believing, thinking and living. The reviewed syllabus will be piloted in some schools and implemented from September 2024. We offered a new 'lnspiREd' training programme, a development programrne aimed at RE Subject Leaders in Church of England schools who want to develop their skills to ensure they are strategic, have an impact on the whole school and are driven by the school's distinctive Christian vision to become 'strategic, impactful and flourishin8 leaders, It is based around the four elements of 'Deeply Chrlstlan, Serving the Common Good,, Church of England Vision for Education: wisdom, hope, community and dignity. All five days were well attended, and delegates grew in their leadership understanding. The provision of RE in secondary schools was supported through regular visits to schools and teacher-led networks with RE Heads of Department. In addition, a Year 12 RS A Level Study Day was held at Union Street involving a university chaplain and lecturer looking at Liberation Theology. Four secondary RE leaders completed the aforementioned InspiREd RE leadership course, a course delivered and developed in collaboration with St Alban's Diocese. The aim being to equip leaders and encourage greater prominence to RE in schools. 14

Southwark Diocesan Board of Education Incorporated Dlrectorf5 Report and Financial Statements For the Year Ended 31 Oecember 2023 FUTURE PLANS Board Structure Under the new Diocesan Measure, from l January 2023 the structure of Board was reviewed. The size of the Board was reduced from a possible membership of 32 to a maximum of 19, to bring it line with the other Diocesan Departmental Boards. The Board has reduced in size. This has eliminated longstanding vacancies and subsequent inefficiencies. There is also an ongoing commitrnent 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 conducting with our schools and HEIFE colleges. Representation The revised articles of association sharpen the focus on roles and responsibilities for Board members, partlcularly around attendance. this wlll ensure committees can function well, knowing that Members are able to commit to engage as required, with any non-attendance managed efficiently. We will complete the review of the term5 of reference for each Board Committee so that they align with the new articles of association and secure strong structures for each committee. The hope Ss the next trlennlum wlll see a change in the membership of the Board that reflects the school and college communities that we serve. Recruitment Following the shared Diocesan/Board recruitment drive to attract rnore UKME applications and appointments, recruitment panel structures have also been reviewed with a commitment to ensure that representation of the panel reflects the diversity we wish to see across the organisation. Changing Landscape and Falling Pupil Rolls 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 conduct some focused I:1 work with schools to expand our central knowledge base. We will routinely collect information around pupll 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 re8iSter that will provide us with a RAG rating system to shape how we utilise our resources most effectively. 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; our 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 commissioned an initial review to provide oversite of the range and offer of MATS across the country. This will be completed in the sprlng term and revlewed In the summer by the joint Board/Trust strategy group and work with schools over the summer term to shape the Diocesan school organisation strategy. New Primary Religious Education Syllabus Following the changes in curriculum development and delivery that were accelerated during Covld, we recognised the need to review the RE syllabus for primary schools. This will be implemented in schools from September 2024. 15

Southwark Diocesan Board of Education Incorporated Dlrector's Report and Financial Statements For the Year Ended 31 Oecember 2023 FUTURE PLANS (continued) Maximising investment property assets The process of retrofitting the four-storey office building at Exton Street, which brings the greatest income across all properties, will continue into 2024. This is 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. Work on a full estate management plan to include all investment properties as well as the 28 Union Street offices will continue. Project Management We will continue to review the VA-SCA committee structure and revise the terms of reference to expand membership of the committee. the process for managing annual blds 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. Managin8 school estate In a perlod of dedinlng roll H55torically the demand for school places has always fluctuated With SDBE having to manage the challenge of over-supply In 2023. While there is no guarantee that demand will increase in the future, there is a need to actively manage the estate to ensure meeting current and future demand. The decline in roll reduces income to both schools and the Board, which will effect both partners ability to offer the range and quality of current offers. There is a need to specifically plan to develop a vacant/vulnerable school buildings strategy ensuring we benefit from the lessons learned from previous closures. The Board is therefore actively looking at opportunities for partnership at the local and national level to find ways to support our schools by. Brokering suitable co-location partnerships with stakeholders in the public and private sector. Working with the DfE to identify suitable sites for the co-location of Private, Voluntary and Independent nursery providers. Where there is a robust business plan and funding available, worklng wlth schools to establish or extend nursery provision. Working with the Diocesan Board of Finance to explore opportunities for the synergistic rationalisation of church and school buildings and, potentially, to address collective aspiration for a "net zero" estate. Working with Local Authority partners to help schools broker agreements to extend Special Educational Needs and Disabilities (SEND) provision. Finding suitable partners to occupy closed school sites at low or no cost, on a longer-term interim use basis, Exploring opportunities to redevelop or rationalise land use in schools with falling roll with a suitable development partner. This might include a mix of new housing and interim use, with the capital receipt from a housing deal being used to refurbish and remodel the school. The interim use could potentially provide an income for the school and the capital receipt be used to partly fund adaptions for a long-term co-location arrangement. In this scenario, SDBE would seek to ensure the remodel was a flexible design for future re-expansion, or a future change in interim use. 16

Southwark Diocesan Board of Education Incorporated Directorfs Report and Financial Statements For the Year Ended 31 December 2023 INVESTMENT POLICY AND PERFORMANCE The Board of Trustees, investment powers fall under the Trustee Act 2000 and the Memorandum and Articles of Association in which clause 3.215tates: 'Trustees may deposit or invest fund5 in any manner including without limitation with a view to: (a) Directly furthering the charity's purpose," Ib) Achieving a financial return for the charity; or Ic) Achieving both of the objectives described at la> and (b) above in accordance with and provided that the Trustees cornply with their duties under part 14A of the Charities Act (but to invest wholly or partly with a view to achieving a financial return only after obtaining such advice from a Financial Expert as the Trustees consider necessary and having regard to the suitability of investments and the need for diversification), Portfollo Performance (01101123 to 311121231 Low Risk Portfollo mpaiatlve benchmark Low to Medium Risk Portfollo 7.12%12022:.9.46%1 6.94%12022:.4.79%1 5.83%12022:.12.21%1 omparative benchmark edium to High-Risk omparative benchmark 6.56%12022'. .10.62%) 10.08%12022.'.16.50%1 9.01%12022.. 08.18%) In 2023, Investment portfollos performed well overall, wlth most returns comlng In the fourth quarter. The Low to Medium risk portfolio slightly underperformed due to a 'Responsible Investment SeNice (RISI, overlay. The year saw positive developments in equity markets driven by Al technology, but also heightened geopolitical risks. Central banks played a crucial role in managing economic growth and stability amidst rislng Interest rates. The macroeconomic outlook remains uncertain due to various factors like Inflation, geopolitical risks, and fast-changing technology. Equities experienced fluctuations between optimism and pessimism, prompting a balanced approach between value and growth Investment styles. With moderating inflation, there was a slight increase in target duration for fixed income investments, favouring investment grade over high yield. Alternative Income was reduced to increase fixed income allocations, while maintaining exposure to structured return products for diversificatlon. Geopolitical factors, trade ten5ion5, and energy policies were significant considerations impacting market sentiment and volatilitv. Given the economic and geopolitical uncertainty, portfolios are positioned to adapt to various scenarios, aiming for balance and staying invested without backing a single sustained outcome. Our top investment risks include: Inflation - should inflation pressures prove to be sustained. or become ingrained in the economy more broadly, including wages, this could curtail central banks, room for manoeuvre. This could risk a still-further tightening of monetary policy, with interest rates higher and for longer than expected. Policy Error - governments and central banks face the risk of unintended policy errors as they seek to transition their economies away from unprecedented pandemic levels of fiscal and monetary support, as evidenced by the concerns over financial systemic stress contagion earlier in 2023. 17

Southwark Dlocesan Board of Educatlon Incorporated Director's Report and Financial Statements For the Year Ended 31 December 2023 FINANCIAL REVIEW The SDBE is established as a charitable incorporated body to fulfil a range of duties and responsibilities. Total income of £8,068,217 (2022.. £8,879,019) was received during the year. During 2023, income included £nil {2022: £700,000) of donated assets and £5,135,518 (2022: £5,575,019) of Voluntary-Aided School Condition Allocation {VASCA) grant funding. Including these amounts, operational income for the year was derived from the following sources: Schools {Service agreements and related income): £499,514- 6% {2022: £492,865- 4Yo) Maintenance scheme subscriptions: £640,211- 8Yo (2022: £595,980- 7%) Diocesan Grants: £373,701- 5% (2022: £348,312 - 4%) Lettings and Investments: £1,255,820- 16% (2022: £1,000,584_ IIOA) VASCA and other Income: £5,298,971- 66% {2022: £6,441,278_ 740A) To fund the discharge of Its day-to-day outgolngs sn the delivery of The Diocesan Measure (as dlstlnct from 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 £373,701 (2022: £348,312) for the year, comprising £343,532 (2022.. £336,795) core grant and £30,169 (2022: £11,517) of other grants. The charit¢s operational activities are undertaken within its unrestricted general fund. The operational expenditure of the charity exceeded Its operational income, resulting in a surplus of £121,872 (2022.. deficit of £60,477) before taklng Into account net galns on Ilsted investments of £200,281 (2022: net losses of £530,804) and transfers. Transfers In and out of the unrestrlcted general fund included a transfer in of £60,000 from the external periodic maintenance restricted fund representing the costs of admlnlstering the fund {2022., £60,000), and net other transfers out of the fund totalling £nil {2022: net transfers out of the fund of £ nil). This gives, read together with realised and unrealised gains on the value of investments of £200,28112022: losses of £530,804), a net increase in the unrestricted Ioperatlonal) funds of the charity for the year of £382,153 (2022: net decrease of £531,281). Overall, there was a net increase in total funds of £177,594 (2022: net increase of £3,280,350), after also accounting for a decrease in restricted funds of £145,874 (2022: increase of £3,456,036), a decrease in the property fund of £73,882 (2022: increase of £346,118) and an increase of £15,196 in the value of endowment funds (2022: increase of £9,447). The charity does not undertake external fundraising activities and has not received any complaints in respect of fundraising either directly or through the Fundraising Regulator during 2022 or 2023. Southwark Diocesan Educatlon Services Limlted SDES The charity operates a wholly owned subsidiary company, SDES Ltd. The company carries out a number of the charit¢s activities including the provision of services for schools in the diocese of Southwark and the provision of administrative services for the charity. 18

Southwark Diocesan Board of Education Incorporated Director's Report and Financial Statements Forthe Year Ended 31 December 2023 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, fulfilling the diocesan statutory duty in respect of children's education and its commitment to chaplaincy development. It receives an annual grant from the Diocese through the D8F 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 Executlve Commlttee (Policy and Strategy) which meet more frequently comprising of the Chair of the Board and Chairs of the sub-committees and on occasion, the Chair of the SDBE MAT alongside other senior members of the Board's senior officers. 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 Education, Financial Controller, Buildings and Capital Prograrnmes Manager, and Off ice Manager are considered key management personnel by virtue of the fact that they are responsible for the day-to-day runnlng of the Charity. The Staffing Reference Group inform the Policy and Strategy Committee with regard to the annual pay award to staff. 19

Southwark Diocesan Board of Education Incorporated Olrectorfs Report and Financial Statements For the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Directors of the Board The followlng were directors and members of the Southwark Diocesan Board of Education at the date of this report. All have served through 2023 except where indicated otherwlse Bishop of the Diocese (President) Chalr of the Board of Educatlon Members appointed by the Blshop (up to 4)". One must be a Bishop of an episcopal area wlthln the dlocese The Rt Revd Dr Rosemarle Mallett One must be an Archdeacon of an archdeaconry In the diocese The Ven Simon Gates Martin Brecknell Vacancy The Rt Revd Christopher Chessun The Rt Revd Dr Rosemarie Mallett CROYDON EPISCOPAL AREA Croydon Archdeaconry Member of Diocesan Synod Clerk in Holy Orders Lay Member Reigate Archdeaconry Member of Dlocesan Synod Clerk in Holy Orders Lay Member Ekundayo Olomu The Revd Annie Kurk Vacancy Dr Catharlna Stlbe-Hlckson Vacancy Vacancy KINGSTON EPISCOPAL AREA Lambeth Archdeaconry Member of Diocesan Synod Clerk in Holy Orders Lay Member Wandsworth Archdeaconry Member of Diocesan Synod Clerk In Holy Orders Lay Member The Revd Erlca Wooff Vacancy Maria McBean Vacancv Vacancy Irene Wolstenholme WOOLWICH EPISCOPAL AREA Lewisham & Greenwich Archdeaconry Member of Diotesan Synod Clerk in Holy Orders Lay Member Southwark Archdeaconry Member of Dlocesan Synod Clerk in Holy Orders Lay Member Vacancy The Revd Ariadne van den Hof Miles Winter Alberta Rosenoir The Revd Tomos Reed Vacancy Other Members Principal of Whiteland'5 College lor deputy) Chalr of the Southwark Dlocesan Head Teachers Association {SDHTA) Prof Peter Flew- appointed Feb 2023 Julia Corby- resigned July 2023 Helen Poyton & Cheryl Payne (Co-Chairs)- appointed July 2023 20

Southwark Diocesan Board of Education Incorporated Director's Report and Financial Statements For the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT {continued) Directors of the Board (continued) Chairs of Sub-committees: Policy & Strategv Schools Finance & Development The Rt Rev Dr Rosemarie Mallett The Ven Simon Gates Malcolm Edwards CBE- resigned July 2023 Martln Brecknell (From July 2023) Further and Higher Education The Revd Andrew Williams- resigned July 2023 Rev Dr Daniel Eshun (from September 20231 One member elected from each sub-commlttee: Schools Finance & Development Further and Higher Education Elizabeth Broad Irene Wolstenholme Alberta Rosenoir Co-opted Members (up to 4) Isecondary Headteacher Primary Headteacher Helen Dixon Vacancy 4GENCI tifT Board Meetlng November 2023 21

Southwark Diocesan Board of Education Incorporated Dlrectorf5 Report and Financial Statément5 Forthe Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Directors of the Board (continued) SDBE staff Diocesan Director of Education Assistant Diocesan Director of Education Flnancial Controller Education Adviser Education Adviser Secondary Adviser and Governance Adviser Primary Religious Education, Worship and Splrltual, Moral, Social and Cultural Development Adviser Secondary RE Adviser, Wellbeing, Mental Health and Character Education Adviser, and FE/HE Chaplaincy Development Officer Human Resources Adviser Education Consultant Buildings and Capital Programmes Manager Buildings and Capital Programmes Assistant Project Finance Manager Office Manager Office Administrator Office Administrator Caretaker R02 Cordner Pia Longman from Sept 2023 David Coyle Rachel Phillips Gwynn Bassan from Sept 2023 Dr Rachael Norman Shaun Burns Fiona Foreman Julie Richardson Sara Sanbrook-Davies Paul Forrest Sally Chapman Fumbi Esslet from July 2023 Corrina Zukowska Nora Jeffal from July 2023 Sheila Talbott Gyorgy 5zabo RELATIONSHIPS WITH OTHER CHARITIES AND FOUNDATIONS The SDBE has the opportunity to nominate a representatlve to the following educatlonal charitable foundations, which support the provision and promotion of educational opportunity for children and young people through grants to organisations and individuals within the area of the Diocese of Southwark; Greenwich Bluecoat Foundation - Colln Powell Culham St Gabriel's Trust - Vacancy St Mary Newington United Foundation Trust (SMNUFT}- Roz Cordner 22

Southwark Diocesan Board of Education Incorporated Dlrectorf5 Report and Financial Statements For the Year Ended 31 December 2023 RELATIONSHIPS WITH OTHER CHARITIES AND FOUNDATIONS (continued) It also has representation at: Saint Cecilia's- R02 Cordner SMITF - The Ven Simon Gates Bacon's- The Ven Jonathan Sedgwick REAch2 - Roz Cordner Anthem Trusts- Dr Rachael Norman PRINCIPAL RISKS AND UNCERTAINTIES The Trustees have overall responsibility for ensuring the charity has effectlve system of control and for maintaining appropriate accounting procedures and records that comply with legislatlve requirements and good practice. To this end the risk register is updated annually with any key actions followed through via the appropriate committees. It is reviewed by Trustees at least annually as part of corporate risk management. The principal risks faced by the charity include Falling pupil numbers Closure of schools and management of empty buildings Government policy changes Loss of data through hacking or other fraud attempts STATEMENT OF TRUSTEES, RESPONSIBILTIES The Trustees (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 financlal statements for each financial year whlch glve 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; observe the methods and principles In the Accountlng and Reporting by Charities: Statement 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 materlal departures disclosed and explained in the financial statements. and 23

Southwark Dlocesan Board of Education Incorporated Direciorfs Report and Financial Statements For the Year Ended 31 December 2023 STATEMENT OF TRUSTEES, RESPONSIBILTIES (continued) 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 keeplng proper accounting records that disclose with reasonable accuracy 3t 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 audltor Is aware of that Information. This confirmation is given and should be interpreted in accordance with the provisions of the Companies Act 2006. The above report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small entities. The Trustees are responsible for the maintenance and integrity of the corporate and financlal information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ frorn le8islation in other Jurlsdlctions. Signed on behalf of the Board of Trustees: Right Revd Dr Rosemarie Mallett, Trustee Approved by the board on: 4 July 2024 Mr Martin Bre nell,

Inaependent auditor's report 31 December 2023 Independent auditor's report to the members of Southwark Dlocesan Board of Educatlon Incorporated Oplnlon We have audited the financial statements of Southwark Diocesan Board of Education Incorporated (the 'parent charltable company,) and its subsidiaries (the 'group'} for the year ended 31 December 2023 which comprise the group statement of financial activities, 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 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the flnancial statements: give a true and falr vlew of the state of the group's and the charitable parent company'5 affalrs as at 31 December 2023 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. 8asls for oplnion We conducted our audit in accordance with International Standards on Auditing {UKI (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibllStles for the audlt 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 financlal statements in the UK, includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responslbilities in accordance with these. We believe that the audit evldence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng 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. Conclusions relating to golng concern (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 the group's or the charitable parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 25

Independent auditor's report 31 December 2023 Other information The trustees are responsible for the other information. The other Information comprlses the information included in the Trustees, Report and Financial Statements, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent othenuise 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 knowled8e obtained in the audit or otherwise appears to be materially rnisstated. If we identify such material inconsistencies or apparent rnaterial misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other nformation. If, based on the work we have performed, we conclude that there is a materlal misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the Information given in the Trustees, report for the financial year for which the flnanclal statements 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 understandlng of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. Matters on whlch we are required to report by exceptlon (continued) We have nothing to report in respect of the following matter5 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 Vi51ted 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 inforrnation and explanations we require for our audit; the trustees were not entitled to take advantage of the small cornpanies, exemption from the requirernent to prepare a strategic report. Responsibilities 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 satisfied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 26

Independent auditor's report 31 December 2023 Responsibilities of Trustees (continued) In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so. Auditovs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mlsstatement, whether due to fraud or error, and to Issue an auditorfs report that includes our opinlon. Reasonable assurance is a high level of assurance but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material If, Individually or In aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of Irregularlties, 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 recognize non-compliance with applicable laws and regulations; we obtalned an understanding of the legal and regulatory frameworks that are applicable to the group and the charitable parent company and determined that the most slgnificant frarneworks 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 wlth the Financial Reporting Standard applicable in the United Klngdom and Republic of Ireland {FRS 102) and the Charities Act 2011) and those that relate to data protection (General Data Protection Regulation}; and identified Saws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the group's and the charitable parent company's financial statements to rnaterial misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to their knowledge of actual, suspected and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-compliance with aws 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. 27

Independent auditor's report 31 December 2023 Auditor's responsibilities for the audit of the financial statements (continued) tested journal entries to identify unusual transactions; assessed whether judgernents and assumptions made in determining the accounting estimates were indicative of potential bi3S' 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 company's 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 rlsk of irregularities and non-compliance with laws and regulations, we 'designed procedures which included, but were not limited to: agreeing financial statement disclosures 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 re8ulations 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 le831 correspondence, if any. Material misstatements that arise due to fraud can be harder to detect 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 statements is located on the Financial Reporting Council's website at: www.frc.or auditorsres onsibilities. This descriptlon forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's member5 those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street, London, EC2V 6DL Katharlne Patel (Senlor Statutory Auditor) 9 July 2024

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Consolidated statement of financial activities Incorporating an income and expenditure account Year to 31 December 2023 Unrestsictéd fundi fj•n•r*l lundi Endowm•rst fundi Toi•l Totèl 2022 ltsndA l¥nds Notes Incom& and endowmentslrom: Grants onrs donations Charltable aciithtlej Othertradln8 Ktlvlt1•5 Investments 361.396 122,920 522.183 997.JÈO 2,003,679 5,165,687 640,211 5.527,08a 763,131 522,183 1.255.È20 ,068,21? 6,641,854 670,Z56 566,325 1.c￿.$84 8.879,019 117,996 117.996 124,448 S,930.346 16.196 16,196 Total Income EMpÈndlture on: Ralsln8 funds Charltable actwltle5 Tot•1 e¥pendllyr• 437,752 1.444,054 1181,806 437,752 7,653.151 8.090,904 431,126 4,3S6,739 4,787,865 191,877 191,877 6.016.221 6.016.221 1,000 •t l•¥p•nrfltur•l/lnwm• beforE InvestmEnt galns Jnd losses 111,873 I73￿BIl 185.8751 IS.196 4.091.154 Unreallsed losses on Investment propertles Net Ilossesll88lnson Ilsted Investments Ilb 1280,IKKII Ila 200,2BI 200J8I 1530,B041 N•1 l•xp•nObtur•l I Incom• b•lor• tr•nsf• 311154 173.8811 18S.1751 IS.196 177,5P4 3.280,350 Transfets between ftsr￿S 15 60,1JJO iéo.oooi PlÈf movemont In lundi 302.IS4 173A8JI 1145,8751 IS,196 177,S94 3,280,350 R•cohclll•tk+ty ol lunds: Funds biou8ht lorward al I January 2023 Fundi c•rrl•d fotw•rd •t 31 D•c•mb•r 102J 81A62 17A83,601 4770.978 149,893 2S.016,OIS 21,805,665 Is 3,263.616 17.109AOI 4,615,103 26S,089 25,163.609 15,086.015 All of the group's activities derived from continulng operations during the above financial years. All recognised gains and losses for the year are included in the above statements of flnancial activities. Comparative information by fund class for the year ended 31 December 2022 Is glven in note 21. No summary income and expenditure account has been produced as the only difference to the statement of financial activities would be the omission of endowed income of £16,196 (2022: £10,477); endowed expenditure of £1,000 (2022: £1,000). 29

sourHWARK DIOCESAN BOAILD OF EDUCATION INCORPORATED Balance sheets 31 December 2023 Group 1013 Charity 2023 Group 2022 Charity 2022 NotÈs Fixed assets Tangible assets Investment5 10 1.055.123 11 21J31.398 22,986.S21 1,044321 21,931,398 22.975.719 1,236.199 21,720,680 22,956,879 1,236,198 21,720,680 22,956,878 Current assets Oebtors Cash at bank •nd In h•nd 13 400,143 5,132,92a 5.533.166 JION17 5,093,108 5.403.515 368,778 3,883,754 4,252,532 251.9LX) 3,830,226 4.082.126 Credlt¢*s: amounts falllng due wf(hin one vear 14 11320.0781 12,191,3871 11.179,3961 11.020,740) Nei current •ssets 3.213.088 3.212.138 3.073,136 3,061,386 Debtors: amounts recelv)ble •ftef more than one year Creditors: amounts falllnB due after more than one year 13 Iso,000 150,000 14 1936,0001 1936,0001 11,094,000) 11,094.0001 Nei ￿se1$ 2S.263.609 25,251,857 25,086,015 25,074,264 Th• lunds ol the chArlty Unre51rlcted funds General funds Oeslgnèted funds Restricted lunds Endowment funds 15 3,263,616 17,109AOI 4625,103 265.089 25.263,609 3.251.863 17,109,801 4,61S,IOJ 265,OB9 Z5,251,857 2.881,462 17,183,682 4,770,978 249,893 25,086,015 2.869.711 17,183,682 4,770.978 249,893 25,074.2&4 These financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small entities. The financial statements were approved and authorised for issue by the Trustees and were signed on their behalf by: Rt Revd Dr Rosemarie Mallett, Trustee Mr Martin Brecknell, T ste Approved by the board on: 4 July 2024 Southwark Diocesan Board of Education Incorporated Company limited by guarantee Registration Number: 00086641 {England and Wales) The notes on pages 38 to 54 form part of the financial statements. 30

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Consolldated statement of cash flows Year to 31 December 2023 2023 2022 Note5 C•sh now5 from oper•tln8 adlvbtles: Net ¢ash provlded by Iu5ed Inl operatlng •¢tTrAtles 18,IB7 1,130,247 Cash flow5 from investing 3¢tlvlties: Dlvldends, Interest and rents from investments Purchase of ianBlble fixed assets Proceeds frorn the dlsposal of Il$ted Investments Purchase of listed Investments 1,255020 114.4011 512.3Q7 1521,2951 I.Z3IA31 I,OCQ,584 567,068 1634,6231 933,029 Nei cash provided by inv￿￿￿& actlvltles Chanie In cash and cash •qulvalents In ihe year 1.250.618 2,063,276 Cash Ind ￿5￿ equlv•leDlS •t l J•nu•ry 2023 5,402,J31 3,339,055 Cash and cash equlvalenis at 31 De￿rnber 2023 6,652,949 5,402,331 Notes to the cash flow statement for the year to 31 December 2023: A Reconciliation of net movement in funds to net cash flows from operating activities 2013 2022 Net rnovemeni In I￿ndS l•$ per th¢ stitement ol Ilnanclal •cllvllles} Adlustments lor: Depretiatlon chèr8e Donated assets Losses I18alnsl on115ted Investments Losses on Investmeni propertles Olvidends, Interest and rents from Investments Amortlsatlon of lease premlum Decrease In Credltors Ilncreasel In debtors Net cash provlded by I (used Inl operatln8 actlvltles I77￿94 3,280,3SO 195,477 192,184 1700,0001 530,804 280,000 11,25S.8201 11,OCO,5841 18.0001 18,OL)01 1,140.682 11,211,831) 131.4651 1232,6761 18.187 1,130,247 1200.2811 B Analysis of changes in net debt A131 December 2023 At ljanuary 2023 Cash Ilows Cash at bank and in hand Cash held by Investment mana8ers 3,883.754 1,518,577 5,402,331 1,249,169 1,449 1,250,618 5.132.923 1,520,026 6.652.949 31

sourHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Prlnclpal accountlng policles Year to 31 December 2023 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Basls of preparatlon These financial statements have been prepared for the year to 31 December 2023. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. The financial statements have been prepared in accordance with 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 (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102> and the Charities Act 2011. The charlty constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest pound. Critical accounting estimates and areas of judgement Preparation of the financial statements requires the Trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: e5timatlng the useful economic life of tangible fixed assets for the purposes of determining the annual depreciation charge; determining the basis for allocating support costs across expenditure categories. determining the basis of valuation for the charity's investment property portfolio" the estimation of future income and expenditure for the purposes of assessing going concern. Assessment of going concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements, The Trustees have made this assessment in respect to a perlod of one year from the date of approval of these financial statements. The Board's rnarket investments enjoyed slightly increased dividend income during the year, although not materially so. As in the previous year extensive financial modelling has been carried out to cover different scenarios. As the seriousness of the Covid 19 pandemic appears to have receded sornewhat (due in large part to a successful vaccination campaign by the UK Government), the risk of rent defaults in Board owned properties would appear to have lessened. 32

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Principal accountlng pollcles Year to 31 December 2023 Assessment of going concern (continued) However, this particular risk has been replaced by the spectre of falling pupil demo8raphics leading to potential school closures. of which the Board has already suffered two. In a worst-case scenario, the Board may not be in operational surplus at the end of the coming year, however the Board has significant free reserves and also has access to an overdraft facility should it be required. The Trustees are therefore of the opinion that the charity has sufficient reserves to be able to meet its liabilities as they fall due. The most slgnificant areas of judgement that affect items in the financial statements are detailed above. With regard to the next accounting period, the year ending 31 December 2023, the most signiflcant areas that wlll affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment and property markets (please see the investment policy and the risk management sections of the Trustees. report for rnore information). Income recognltlon Income is recognised in the period in which the charity has entitlement to the income, the amount can be measured reliably, and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. Income comprises grants, maintenance subscriptions, rental and investment income and the income from the charity's trading subsidiary. Income from other trading activities carried out by the tradlng subsldiary comprlses, In the main, charges made for seniice a8reement subscrlptlons, educational consultancy and other services provlded to schools, and condult project management fees. Grants and donations are included as income from activities in furtherance of the charity's objectives where these amount to a contract for services, but as voluntary income where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding. Maintenance and service level subscriptions are recognised In the financial year to which the subscription relates and deferred if received in advance of that financial year. Income derived from the letting of the charity's investment properties is recognised in the period to which the tenancy relates, when it is probable that the funds will be received. Dividends are recognised when they have been earned and credited to the investment portfolio. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the bank. 33

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Principal accountlng policies Year to 31 December 2023 Income recognition (continued) Income from educational consultancy services is accounted for on an accruals basis with the income being recognised when due contractually. Conduit project management fees are recognised on the date of completion of the relevant project. Other amounts derived from capital and maintenance project activities where the charity acts as an agent, adrninistering projects funded prlnclpally by the Department for Education and Skills on behalf of the school governor5 are excluded from these financial statements, as they constitute conduit funds. Details of these funds are set out in note 16. Expenditure recognltlon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economlc benefits will be requlred in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis, Expenditure cornprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows: Expenditure on raising funds includes the direct costs and support costs associated with generatlng rental income, together with the fees paid to investment managers in connection with the management of the charity's listed investments. Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include direct and support costs {including governance costs). Allocatlon of support and governance costs Support costs represent indirect charitable expendlture. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedure5, provision of office services and equipment and a Suitable working environment. Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Support costs and governance costs are apportioned using percentages based on the time spent on the activities by the employees of the charity. Tangible fixed assets The charity's policy is to capitalise asset purchases over £1,000. Depreciation is provided on tangible fixed assets so as to write down the cost over the expected useful life. 34

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Principal accountlng pollcles Year to 31 December 2023 Tangible fixed assets (continued) The following depreciation rates are used: Freehold properties and property improvernents 2% straight line Off ice equipment 25% straight line Investments Listed investments are a form of basic financial instrument and are initlally recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Realised and unrealised gains (or losses) are credited {or debited) to the statement of financial activities in the year In which they arlse. The charity does not acquire put options, derivatives or other complex financial instruments. Investment properties are included in the financial statements at the estimated current market value of the properties based on open market value. The valuatlon has been determined by the Trustees after consultation with professional property advisers. During the year St John's CE school in Walworth closed. The Board is currently preparing to lease the empty site to generate income to support the activities of the charity. As a result the site has been brought into the accounts at market valuation as an investment property. Former school sites In the course of administering a capital scheme under the Education Acts 1944 to 1973, the charity acts as Trustee to a number of former schools, whose former property may be sold or leased as part of the implementation of the scheme. These proceeds are 8enerally "free monies" in the hands of the charity to use under the provisions of the Education Acts 1943, subject to the restrictions applying under Section 86 of the 1944 Act and Section 2 of the 1973 Act. The Trustees do not consSder that it Is practicable to place a value on such assets and, accordingly, they are not included In the financial statements. Debtors Debtors are recognised at their settlement amount, less any provlslon for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. Creditors and provisions Creditors and provisions are recognlsed when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions 35

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Principal accounting policles Year to 31 De￿mber 2023 CredStors and provlslons (continued) are recognised at the amount the charity anticipates it would pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. Subsldlary undertaklng The charity owns the whole of the issued share capital of Southwark Diocesan Education Services Limited. The principal activity of the subsidiary undertaking is the provision of services for schools in Southwark Diocese and administrative services for its parent undertaking. The consolidated financial statements include the financial staternents of SDBE and its subsidiary Southwark Diocesan Education Services Limited. In accordance with the current SORP, a separate statement of financial activities dealing with the results of SDBE has not been presented. Funds The charity has various types of funds for which it is responsible and which require separate disclosure. These are as follows: Unrestricted funds Unrestricted funds arise from all the accumulated surpluses and deficits in the provision of general charitable activities. Designated funds Designated funds are funds set aside out of general funds by the Trustees and designated for a partlcular purpose. The balance on the designated property fund represents the net book value of the flxed assets and the value of investment properties shown on the balance sheet at that date. Restrlcted funds These are funds subject to speclflc conditions Imposed by the donor or by the speclfic terrns of a trust deed or other legal measure. Income and expenditure on restricted funds is taken directlv to those funds in the statement of financial activities except to the extent that income is freely available to the charity. Endowment funds These are funds subject to the condition that they be held as permanent capital. Unexpended income is included in the relevant funds in accordance with the terms of the trust. Custodian trusts Trusts, where the charity acts merely as custodian Trustee with no control over the management or use of the funds, are not included in the statement of financial activities or balance sheet. Conduit Funds- capital projects The charity is responsible on behalf of school governors for the financial administration of capital projects funded by the Department for Education {DfE) and Local Authorities. The statutory legal agreement between the charity, the schools and the government department gives the charity ultimate control over the application of the Voluntary Aided Schools Capital Allowance grants to 36

sourHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Prlncipal accounting policies Year to 31 December 2023 Conduit Funds- capital projects (continued) specific schools, therefore, these are recognised as restricted income by the charity. Details of these funds are set out in note 16. The agreernent grants no decision making authority to the charity over the schools, funds, including Devolved Formula Capital grants and governors, funds, and therefore the charity acts as administrative agent in respect of these. Accordingly these funds represent conduit funding and are therefore excluded from the charity's financial statements. Penslon contrlbutlons Contributions are made for full-time staff to the Church of England Church Workers'Pension Fund and to the Teachers. Pension Scheme. The pension costs charged by the schemes are based on actuarial methods and assumptions designed to spread the anticipated pension costs over the service lives of the employees in the scheme, so as to ensure that the regular pension cost represents a substantially consistent percentage of the current and future payroll. Varlations from regular cost are spread over the remaining service lives of the current employees 36 are therefore accounted for as if they were defined contribution schemes. Further details are set out in note 17. 37

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the financial statements Year to 31 December 2023 Grants and donatlons Unwtstrlcted lund5 General funds Desillnate funds Restrlcted luttds E#dtywrn*nt lunds Dlocesan grant D￿ated assets- 16 L4r(om StreEt Inote Ilbl VASCA Grants 343.531 30,169 373.701 S,13S,518 S.135,$18 17A64 s￿17￿83 other grants ZOZ3 Total lunds 17JJ64 361.196 .165,68Y Urbre5trlcted lunds Desl8nat• fundi R•i¢rlcied funds fundi 1022 Dlocesan Brani Donated asset5- 16 Larcom Street Inote Ilbl VASCA Gr•DIs 6,79S 11,517 348,312 700.000 700.000 5A75,019 18,$23 6.811￿$4 SJ7S,019 Other8rant5 2021 Totsl lundl 18,523 JSS.318 700,000 SJ86,536 The Charity asslsts voluntary alded schools with school building projects. It hlstorically acted as the agent of school governors in helping to arrange funding through the DfE and Local Authorities and in paying professional fees and building costs on behalf of school governors. The VASCA (Voluntary-Aided Schools Condition Allocation) system was introduced in April 2020 and superseded the LCVAP (Locally Coordinated Voluntary-Aided Programme). The change in funding gives the charity ultlmate control over the applScatlon of the VASCA grants to specific schools. Historically, the LCVAP was not reflected in the Statement of Financial Actlvities as the Charity had no control over the funds. The transactions were those of the schools and controlled and approved by the governors rather than the Charity, which acted as agent. Since the use of the VASCA grant fundin8 is at the discretion of the Board it is now included in the SOFA as restricted income along with the related expenditure. The unspent balance at the end of the year is commltted to projects or returned to the DfE if not committed within two years of the grant date. 2 Charitable activities Unrnsirfrt•dfunds G•neTII nds D•ilknai funds R•stFltted funds Endowmont fund5 2023 Malntenance sub5ulptltyns other educatlonal Incoty - Ad￿sory and consultancyltes - Btshop'scertificète thurch school8OVErnan¢e . Other sundry Incorne 2013 Tot¥1 l¥nds 640,211 640,211 46.304 46.304 4h55 72,161 121.920 4.455 72.161 763,131 640.211 38

s0￿HwARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the flnancial statements Year to 31 December 2023 2 Charitable activities (continued) Unresirfrted funds G•rb•ial lunds 0oilBnat•d lunds R•itilctqd funds Endowment funds 1012 Malntenance subscrlpttons Other educèiional In¢ome Advlsory and CDnsultoncy le•s Blshop's ceniflcate In chLtrch xhool governance . Othei sundry Income 2022 Totsl lynds S95,980 595.9BO 40.250 40.150 3%40 30,186 74.276 3.84 30.186 670.2S6 S95,980 3 Other trading activities Vnrestrkt¢d fund Gen•wal Des18￿1d fvndi fundi R•strltted funds Endawment funds 202J 5ervlce Aireement Sub5crlptlons Manalement leE$ aplt31 projec15 Malntenance ptolects rrèlThln¥ evenls Addltl¢nal advlsor support Sundry trndln8 Income 2023 Total lund5 499JIA 499,514 4.694 4,694 17,97S S22,113 17,97S 521,18a Unweitrkted lundj Gerr•l ltsnds D•il¢n•led lundj A￿trIcted lunds Ertdowment lunds 2011 Servke Agfeement SubsulptloTrs Mèrta8emeAt fles Capltal projects . M•lr41enance projects Tralnln8 events Addltlonal athisof SUPPOrt Sundry Iradln¢ Inceme 2011 Tot•llunds 491,865 492*65 JO.341 7.394 3.33S 3,212 19,167 S66.315 30.348 7J98 3.135 J.212 19,167 566.3lS 39

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the financlal statements Year to 31 December 2023 4 Income from investments Unresiridedlunds General DÈnat•d lundi fund5 ft•strkted lunds Endowment lunds Llsted and unllsted Inve$iments Rental and lettln85 Income 1013 Total lund8 148.791 966,384 I.IIS.176 124.448 16,196 289,436 966,184 1.2S5,810 114.44B 16,196 Unrestrl¢itd fvndl 6•nero1 Deslgnt•d funds lunds R*strfeted lunds Endo¥mient lu1￿$ 1022 Llsted ind unllsted Inve5trnents Rental and lettlnBs Intome 20Z2 Total funds 93.724 768.961 862,685 9.426 10.477 IlJh27 886,957 I,000.S84 117.996 117,996 9,416 IOA77 6 Expenditure on raising funds UThrestrlctedfunds General De51Kn•ted lunds lunds R•strlcl•d l¥nds Endowrnent 1021 Leltlnis expen5e5 Investrnent mana8emeni lees Bank charge5 2023 Total funds 411,308 ,090 4,354 4Y7,752 411,108 22mO 4,354 437,751 UDwesirlcled luDds Gener•1 lunds R•sirl¢t¢d Endo¥mMnt nd% lunds 2022 Left1￿$ e¥penses Inve5trn¢nt rn3rtagem•nt fees Bank tharies ZOIZ Tol•l fwids J91.J81 34.676 S,068 431.126 391,382 a4.6 5.06 6 Expenditure on charitable activities Unreitrlctedfundi Ge￿1•1 Oeil8Thaled fundi fl￿trIct•0 funds Endowm•nl lunds 202J School mait)renance expendlture VASCA grantexpendlture Advlce and guloath Trilnln8 ènd developmeni Proleci manhgernenl 2023 Total funds 468,882 5,391.9t15 46&882 5.39Z.905 I￿9?.699 413,316 28D.350 7.653,152 968,9SI aZ7,635 147,468 1.444,054 IZB,748 30,247 32,882 191,877 154.414 i.•oo 6P16.211 1,000 40

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the Ilnanclal statements Year to 31 December 2023 6 Expenditure on charitable activities (continued) Unrestrlcted funds General Deslgnaled lunds fleitrlcted lundi EndowmETtt fvDds ioiz School malnienènce expenditure VASCAgrant expendlture te and gultlanee Tralftlng ènd development Project mana8emeni 1021 Yot41 lunth 471,sa6 2.192,611 471.806 2.192,611 1.148.405 292,309 251,608 4.356.739 1,017.219 247,858 122.868 1OA7.955 131,176 31,962 28,740 191,871 11.489 1000 2,675,906 1,000 7 Analysis of total expenditure Other dlrtclty •llout•d Dlr•rt ¢osti Suppon sls ioij RolslnE lunds Inote51 Chorltèble actlvitles Inote 61 - khool malntenènce e¥pendltur• . Advke ond Kuldonce - Tialnln8 and develotyneTht - Prolea management 437.494 258 437,752 468,8•2 536,931 117,512 J9.229 1.600,049 468,881 1,097,699 413.316 5,673,255 8.090,901 319,916 146,0>? 5.492,488 6.128,699 170051 49,767 X41,5 362,156 oth•r dlr•ctty •llo¢ai•d tt*BtI Dlr•rt Support costs 2022 AaislnB lunds (note Sl Charltable athlvltles Inote 61 khool maintenante txpendltufe . Advlce jnd 8uhlRnce - Tralnln8 and development . Project mana8emeni 430.868 258 431,126 471,806 566,124 140,043 36.951 1.645,792 471.106 1,148,405 292,309 2.444,219 4.787,86S 414,934 11S,OZ8 2,ZBS,712 2,8Z5,931 157,347 37.lJ8 111,556 316,141 Support costs are analysed as follows; eX￿ndItUr• on<harllible actlvllles Advlce and TrnID1￿ and PMIE quldan¢e d￿lopMeNt managemenl Total 2023 fI￿nCe and HR Admlnlstratlon 82.118 46,541 42,192 170,852 4,641 35,214 9,912 49,767 87a57 43.404 10.776 141537 174,116 125.160 62,880 362,156 Goverrtance 2013 Total lunds 41

SOUTHWARK DIOCLSAN BOARD OF EDUCATION INCORPORATED Notes to the financial statements Year to 31 December 2023 7 Analysis of total expendlture {continued> EMpeDdiitsrè on tharltablt aCt￿lI1￿S Ad¥lce and Tralnlni ajd Kuidartce de¥elopment Projert manapment Total 2022 flA•nce and HR Adrnlnlstratlon 7Y,379 37,290 42.678 157,347 4,372 ZZ,467 10,399 17.238 56134 SSA71 93SI I21￿56 138,S85 115,128 61,428 316,141 Gouelnance 2022 Totalftsnds All costs allocations are made on the basis of estimated tlme spent by staff. Net movement in funds Net movement in funds is stated after charging: 2023 2022 Stiff costs InolE 91 Depreclatlon Inore 101 Audltorfs remuneratlon Ilncludln8 VATI . Audlt work Other servlce5 1,207,913 195,477 1,210,259 192,184 28,693 4,710 4,366 S,068 4,710 Prior year 8ank charges and Interest on b•nk loan5 •nd overdrafts 4,354 9 Employee and key management personnel remuneratlon la) Staff costs 2023 2022 Wages 8nd salarle5 Soclal securlly costs Penslon costs 782,604 80.821 211,670 1.075,095 760,849 79,908 206,448 1,047,205 Consultancy£ostS 132,B28 1.207.923 163,054 1,210,259 (b) Staff numbers The number of employees during the year, calculated on an average headcount basis, was 17 (2022 - 16). 42

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the flnanclal statemants Year to 31 December 2023 Employee and key management personnel remuneration (continued) (c) Higher paid staff The number of employees whose emoluments fell within the following bands was.. 2023 number 2022 number £60.000. £70,000 £70,001-£80,0(xJ £80,IX)1- £90,000 £90,001. £100,000 £ioo,001. £iio,000 All of the above higher paid employees participated in the Teachers, Pension Scheme. Aggregate employer pension contributions for the above ernployees during the year amounted to £142,03612022 - £145,762). Details of the Teachers, Pension Scheme are 8lven in note 17. (d) Key management personnel Key management personnel comprise the Trustees together with the Director of Education, Assistant Director of Educatlon, Financlal Controller, Building and Capital Programmes Manager and the Office Manager. No trustee received any remuneration from the charity in the current or prior year. The aggregate remuneration and benefits received by key management personnel during the year was as follow5: 2023 2022 Aemuneration, Includlns emplvyei's Natlonal Insurance contrlbutlons Pension ¢ontribuUons 351.042 102,025 453.067 401,419 96.98S 498,404

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the flnanclal statements Year to 31 December 2023 10 Tangible fixed assets G￿lIp offlce and computtr egulpment Freehold larsd and bulldln8S Property Improve. ments Ch•flty lot•1 Group total Cost At l January 2023 Addlllons 2,864,¢￿} 95.834 2.9S9,884 22.481 14.401 36.B82 2.982.36S 14.401 1,996.766 At 31 Decèmbtr 2023 2,864.050 95,834 2.959,894 Depre¢l•tlo At l January 2023 Chatle fortht y￿r At 31 Detembew 2023 1,7J8.798 190,93S 1,9D9.733 4,888 942 J.723.686 191,B?7 IJIS,S61 22.480 1,746,166 195A78 1,941,643 5.830 26.081 N•t bgok ¥•lu• At 31 December 2023 954.317 1,145.2S2 90.0)4 90.946 1,044,321 I,l36,198 lo.￿) 1,055,121 1,236,199 At 31 December 2022 11 Investments 2021 2022 Group •nd charlty Llsled Investments Investment propertles lal 5.301,398 Ibl I6,630,￿0 21.931,398 5,090,680 16.630,OCII 21,720,680 In addltion to the above investrnents, the charity also holds a £1 investment in the called-up share capital of its wholly-owned trading subsidiary, Southwark Diocesan Education Services Llmited (note 12). A full revaluation of the property portfolio was undertaken by Rapleys LLP In March 2023 and this has been reflected in these valuations. (a) Listed investments 2023 2022 Group Jnd chaflty Market value ai i l*nuary 2023 Additlons Di5pos31s Ipro¢eeds-. £445.936, fealised 8ains,' £9,166> Unreallsed Éairns on revaluatlon Market v•lue at 31 Oe¢embtr 2023 3.S72.103 454,924 1445.9361 200.281 3.781.372 4,035,352 634,623 1567,0681 IS30,8041 3,572,103 Cash held by Investment managers 1,520,026 5301.398 1,518,577 5,090.680 Cost of Ilsted Investments at 31 December 2023 3,515,308 3,543,296 All listed investments were dealt in on a recognised stock exchange and comprised UK equities and UK managed funds. No individual holding comprised more than 50/0 of the portfolio in either the current or prior year.

sourHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the flnanclal statements Year to 31 December 2023 11 Investments (continued} (b) Investment properties ChJrity Group freehold propertles Group and th•flty 2022 2021 Valuatlon at I january 2023 Addltlons Revaluation in the year Valuatior) at 31 Oe¢ember 2023 16.630.000 16.210,000 700.000 1280,0001 16.630,0(10 16,630,000 Hlstorlc cost al 310ecember 1023 4.298.161 4.998,161 Additions to investment properties Include £nil12022: £700,000 in relation to the donation of a former school building at 16 Larcom Street {linked to St John's CE Prirnary School London) which is being held to generate rental income to support the work of the charity) On the basis that the charity's investment properties have continued to generate rental yields which are materially cornparable to those earned prior to the pandemlc, the trustees do not consider that there has been any material impairment to the fair value of these properties since the previous valuation. 12 Investment in subsidiary undertaking The charity owns 100% of the issued ordinary share capital of a subsidiary undertaking, Southwark Diocesan Education Services Limited (amounting to £1), which is registered in England and supplies administrative services to the charlty and to Schools in the Diocese. The company began trading on l April 1996 and its results for the period and assets and liabilities have been consolidated into the charivs financial statements. Total income for the year was £580,091 (2022: £613,578), gross profit was £357,666 (2022: £417,057) and total administrative expenditure was £222,425 (2022: £196,522). The net profit after taxation was £nil (2022 £nill after recognising gift aided donations payable to the parent charity under the conditions of its Memorandum and Articles of Association of £357,666 (2022: £417.057). 13 Debtors Amounts falling due within one year: Group Charlty ZOZJ Group 2022 Charlty 2022 Othtt debtois reyyrnents •nd accrued IncDrne 219.841 180,40> 400,143 171.772 137.64S 310.417 199,216 169,562 368.778 122,709 119,191 251.900

sourHWARK DIOCESAN BOAIID OF EDUCATION INCORPORATED Notes to the financial statements Year to 31 December 2023 13 Debtors (continued). Amounts falling due in more than one year: Group and Charity 2023 Group and Charity 2022 Amounts due from SDBE Multl-Academy Tivst Iso,000 Amounts receivable in 2022 represented funds invested in the SDBE Multi-Academy Trust to fund its early development. During 2023 it was established that no repayment will be required and accordlngly this balance was released along with the corresponding creditor balance due to the Southwark Dlocesan Board of Finance (see note 15) 14 Creditors Amounts falling due within one year: Group 1023 Charlty 1023 Grnup 2012 Chadty 2022 Trade credlL015 Olher credltors Conduli creditor Accruals ènd deferred Income Amountsdue to 8fOUP undertakln VAT pryable Deferred l•asa pr•rnlurn (see below) 1.73a,524 387,670 1,713,982 384,498 606,337 131019 590,697 IC#J.971 5J,084 11023 433,040 3(Kl,624 20.449 i.ioo 8,0110 2,310.078 S￿00 2,191,387 1,179,3% 1.020,740 Amounts falling due in more than one year.. Graup and ChJTIty 2023 Group ind Charlty 2022 Amounts payable to Southwark Diocesan Board of Flnante Deferred Hlghshore lease premlum Iso.000 944.000 l.094,000 936,000 936,000 Amounts payable to Southwark Diocesan Board of Finance represent the drawdown on a loan made available to SDBE to fund the early development of SDBE Multi-Academy Trust. During 2023 it was agreed that this loan would not be repayable to the Diocesan Board of Finance and no repayment would be required from the Multi Academy Trust so this balance has been released along with the correspondlng debtor balance. This has no overall impact on the deficit for the year. The deferred Highshore lease premium represents the remaining balance on a premlum of £1,000,000 received by the charity during the year ended 31 December 2017 in respect of a 125 year lease of the Highshore School site to the Mayor and Burgess of the London Borough of Southwark. The premium is being released to the Statement of Financial Activities over the life of the lease. As such, £8,000 is included under accruals and deferred income falling due within one year, with the remainder falling due in more than one year.

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the flnanclal statements Year to 31 December 2023 14 Creditors (continued) The movements on deferred income are analysed as follows: 2023 2022 8rou8ht forward a5 at l January 2023 Released in tht year New deferr•ls in the year Cairbed forward as at 31 December 2023 1,084.416 {140,4161 135,600 1,079.600 1,088,179 {136,1791 132,416 1,084,416 The deferred income balance represents.. Servlce income relating to periods after 31 December 2023 of £135,600 (2022: £132,416}' and Deferred lease premium income relating to the Highshore lease, split between £8,000 included in creditors falling due within less than one year (2022: £8.000) and £936,000 included in creditors falling due in more than one year (2022: £944,000). 15 Analysis of group funds Analysis of group net assets between funds 2013 Tot•1 lundi a•nerbl lundi PfOP• lund R•strt(l•d lunds Endowment funds Tanglble flxed asse Llsied Investments Investment propertbts IA55.123 I.OSS.123 5,301.a9B 16.630,000 i.iiJ,o 4,29Z,J88 833J9J 175,716 I49￿93 77SAIO 14380,107 1315,4191 11,028.7721 3,79lJlO Non.current •sseis Non.cyrrent Iloblllt￿s 1936,ocKII 26S,089 1936,0001 25,263,609 3,263,616 17,109,801 4,62S,103 D•slgNted property fund 2012 Totol lundi a•ner•l lundi R•strlct•d nds Endowm•nt lundi Tangible ffixed assets Llrted Investments Investment properiles Net current Illabllillesl assets Non-current èS5ets Non-current Il•bllitles lJ36,199 1.236.199 5.090,680 16,610,000 3.073,136 Iso,000 1944,OW 11,094,OQDI 249,893 25,086,015 4,146,164 764J64 179,JSZ I,000,ooo 14,541 15,630,000 117,483 11,264.9021 4.006PI4 150MOD 11500001 4.770.978 2MI.462 17.183.6BZ 47

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the flnanclal statements Year to 31 December 2023 IS Analysis of group funds {continued) Reconciliation of funds 8alin¢• •t l January 201J 8alanre •t 31 Do¢ember 201J Galnsl Ilossesl InEom• E¥p•ndlture Trbnsfe Endowmertt luhds 249,893 1@196 Ii.OODI 265089 Restibrted fun Externol molntenance 5chem¢ VASCA caplt31 lunds other reslrlcied funds 64,174 2134.343 lJ172,461 4.770,978 640,211 5.135.518 IS4.617 S.930.346 1468,8811 15.592,9051 IIs4,4J41 16.016,2ZII 160.QOOI 175.$03 2.576.956 1,872.644 4,61S.103 160,QQOI Deslin•t•d tsnds P¥opErty hjnd CroydoA StAndrew5 Fund 17x159,007 114,675 17,183.681 1191A771 16.867.130 242,671 17.109,801 117,996 117.996 I191￿77) G•nerilfundsllnclDdln8 trndlni funds of É11,7S51 Tol•l ufir•ilrld•d lundi 1081.462 lo￿65.144 2.003.679 I,IZl,675 11.881,9061 IZ,073,6831 loo. 100.2 60,000 60,000 J.163.616 ID373.417 25W6,015 ,060.117 18,090,904) 25.263,609 B¥l•n¢¢ •t l J•nu4ry 2022 JI DerembEr 2022 Intom• Eip•ndlt¥i• Yrinil•ri 140N16 IOh77 11,0001 249,893 Restrkled lunds Exlefn31 malnrenance scheme VASCA eapStal funds oilr remricted funds S9S,980 5,575,019 20,943 6.191.942 1471,8061 12,192,610) 111,4901 12.675,9061 160,0001 64.174 2,834,343 1.872.461 4.770.978 1548.0661 1863,OOB 1.314,942 160,0001 D•sl4fi•t•d fvnds Property lund Cffj¥Oon St Andrew5 Fund 16J30.885 6.679 16AY7.561 700 117,996 817.996 1191,8781 17,059.007 114,675 17.18J.682 I191￿7￿) 1280,0001 Gentralfund5 IlncludlnB tioolni funds of Ell,7551 Tolal ufireslrfcted funds 3N12.743 20350,307 IA58.604 2￿76,600 11.919.081) 12.110,9591 I530￿04? 1810041 60,000 60,000 Z,881,461 lo￿65,144 I1￿05,66$ 8J79,019 14.787,8651 IBIOM041 25A86.015 Endowment funds represent a fund held under a Section 86 order and a fund set aside under a charity order to develop Church of England education. 48

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the flnancial statements Year to 31 December 2023 15 Analysis of group funds (continued) The External Periodlc Maintenance Scheme is a scheme developed by the charity on a voluntary subscription basis to ensure that all the schools in the Diocese can maintain the external fabric and structural elements of their buildings. The fund balance carried forward represents the accumulation of income over expenditure which is available to meet the Governors, IO% liability for ongoing schemes of maintenance works. The Diocesan grant restricted fund relates to funding provided by the Diocese of Southwark to fund a specific post and chaplaincy support. The Croydon St Andrew's capital funds represent receipts of capital funding from a closed school, which have been applied to improvement works at that school to keep the property compliant and insured. Otherrestricted funds represent assets arisingfrom the disposal of redundant school buildings to be deployed by the Southwark Diocesan Board of Education under Section 554 of the Education Act 1996. Such funds can be deployed (directly and indirectly) for the development of existing schools or the provision of new schools within the Diocese of 5outhwark. Such Schools are to follow the tenets of the Church of England. The designated property fund represents the net book value of the fixed assets and investment properties at the balance sheet date. The deslgnated Croydon St Andrew's fund represents Income received from the rental of the St Andrew's school building which the charity intends to apply towards further refurbishment work at the school. VASCA fvnd The school building projects fund represents the income received from the VASCA grant from the Department for Education and the associated commitment on the fund. The funds are restricted to capital and maintenance projects at the schoo15. VASCA funds must be committed to projects or returned to the DfE if not committed within two years of the grant date. 16 Conduit funds - capital projects 2Q23 2022 Income Expendlture 2.306.119 6,783,279 12.306.1191 16,783,279) The income figure represents funds receivable from Devolved Forrnula Capital from schools and Governor and Local Authority Contributions to building projects, while the expenditure figure represents supplier and contractor costs Incurred and committed during the year. Unspent committed costs are realised in the forthcoming financial year and represent timing differences in acquiring the funds with their related expenditure. The main reasons for the decrease in 2022 are reduced funding from the Salix Finance Company and 49

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the financlal statements Year to 31 December 2023 16 Conduit funds- capital projects (continued) associated governor and Devolved Formula Capital contributions. These are recognised as income and expenditure as discussed in note l and the accounting policies. The Conduit Fund exists to channel funds sourced from the public sector into capital and maintenance projects In schools; It posts no profit and all its funds are committed. Additionally, as at 31 December 2023 the charity owed £1,634,662 to the conduSt fund in respect of purchase invoices outstanding (2022: £235,608). Separately, amounts held on behalf of schools as part of the Devolved Formula Capital Scheme (which are ultimately destined for the conduit fund) were £3,612,816 at 31 December 2023 (2022: £3,781,326). These funds represent agency cash balances In the charity and are not included in the charity's fund balances. 17 Pension and similar obligations The Group's employees belong to two principal pension schemes, the Teachers, Pension Scheme (TPS) and the Church of England Church Workers Pension Fund (CWPF), which are of the defined benefit type, the assets of the schemes being held in separate Trustee administered funds. Both the TPS and CWPF fund assets are not apportioned to individual employing bodies in the fund and therefore both constitute collective defined beneflt pension schemes under Financial Reporting Standard 102: Section 28 - Employee Benefits. The total pension cost was £211,670 (2022: £206,448). There were no creditors falling due within one year at either 31 December 2023 or 31 December 2022. Teachers, Pension Scheme The Teachers, Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scherne Regulations 2014. Membership is automatic for teachers and lecturers who are or have previously been employed at eligible institutions. Teachers and lecturers have the option to opt out of the TPS following enrolment. The TPS Is an unfunded scheme to which both the member and employer makes contrlbutlons, as a percentage of salary- these contributions are credited to the Exchequer. Retirernent and other pension benefits are paid by public funds provided by Parliament. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. The charity has set out the information available on the scheme below. Valuation of the Teachers, Pension Scheme The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions {Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS wa5 carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are: 50

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the financial statements Year to 31 December 2023 17 Pension and similar obligations (continued) employer contribution rates set at 23.68Yo of pensionable pay (including a 0.08% administration levy). total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past seniice deficlt of £22,000 million. and the SCAPE rate, set by HMT, 15 used to determine the notlonal investment return. The current SCAPE rate is 2.4Yo above the rate of CPI assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings grovrth is assumed to be 2.20A. The assumed nominal rate of return includlng earnings growth is 4.450A. The next valuation result Ss due to be implemented from l April 2023. The employer's pension costs paid to TPS in the year amounted to £103,796 (2022: £104,921). A copy of the valuation repart and supporting documentation is on the Teachers, Pensions website. Church of England Church Workers Pension Fund Valuation of the Church of England Church Workers Pension Fund Southwark Diocesan Board of Education {DBS) participates In the Defined Beneflts Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers. CWPF has two sections: l. The Defined Benefits Scheme 2. The Pension Builder Scheme, which has two subsections; deferred annuity section known as Pension Builder Classic, and, cash balance section known as Pension Builder 2014. Defined Benefits Scheme The Defined Beneflts Scheme ("D8S"I section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries. For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share 51

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the financial statements Year to 31 December 2023 17 Pension and similar obligations {continued) certain risks between ernployers, including those relating to mortality and post-retirement investment returns. The division of the DBS into sub-pools is notional and Is for the purpose of calculatlng ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred frorn employers, sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool. The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute DBS assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in DBS. This means that contributions are accounted for as if DBS were a defined contributlon scheme. The pensions costs charged to the SOFA during the year are contributions payable towards benefits and expenses accrued in that year (2023: £107,873. 2022: £101,526). There was no additional charge in relation to the DBS deficit in either 2023 or 2022. If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficlt in the pool, further transfers may be made from the Life Risk Pool to the employers, sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-poolsl will be settled by the Church of England Pensions Board on the advice of the Actuary. Church of England Church Workers Pension Fund (continued) A valuation of DBS is carried out once every three years. The most recently finalised was carried out as at 31 December 2022. In this valuation, the Life Risk Section was shown to be in deficit by £7.7m and £7.7m was notionally transferred from the employers, sub-pools to the Life Risk Section. This increased the Employer contribution5 that would otherwise have been payable. The overall deficit in DBS was £11.3m The next actuarial valuation is due at 31 December 2025. The calculations for this are under wav. Following the valuation, the Employer has entered into an agreement with the Church Workers Pension Fund to pay a contribution rate of 45% of pensionable salary and expenses of £5,400 per year. The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paying a share of that employer's pension liabilities. 18 Related party transactions The Southwark Diocesan Board of Education is a cornpany lirnited by guarantee. The results and balance sheet of Southwark Diocesan Education Services Limited (SDES) are consolidated into these financial statements. The Southwark Dlocesan Board of Education has taken advantage of the exemptions in FRS 102 and has not reported transactions between it and SDES. 52

sourHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the financial statements Year to 31 December 2023 18 Related Party Transactions {continLffted) During the year ended 31 December 2023, the group received grant funding arnounting to £373,701 (2022: £348,312) in respect of the Diocesan Measure and lettings income of £20,726 {2022: £20,313) from the Southwark Diocesan Board of Finance and South London Church Fund, which is a related party as a result of sharing a number of Trustees with the charity. At the year end, the charity owed £nil {2022: £150,000) to the Diocesan Board of Finance in respect of a loan used partly to fund the early development of SDBE Multi-Academy Trust {note 14). During the year ended 31 December 2023, the group received income of £11,832 (2022: £11,490), including VAT, from Bacons College In respect of the provision of a service level agreement, £nil was owing at 31 December 2023 (2022: £nil). Bacon's College is a related party as a result of sharing a number of Trustees with the charity. During the year ended 31 December 2023, the group received income of £76,533 (2022: £117,239) including VAT from the SD8E Multi-Academy Trust in respect of the provision of a service level agreement. As at 31 December 2023, £19,438 remained to be received (2022: £11,613). SDBE Multi-Academy Trust is a related party by virtue of the fact that it shares a number of trustees with the charity. In 2017 the charlty advanced £150,000 to the SDBE Multi-Academy Trust In order to fund Its early development. At the year end, £nil {2022: £150,000) was receivable in respect of this balance. During 2023 it was agreed that this loan would not be repayable to the Diocesan Board of Finance and no repayment would be required from the Multi Academy Trust so this balance has been released along with the corresponding debtor balance. This has no overall Impact on the deficit for the year. 19 Funds held as agent During the year, the charity acted as an agent, with interest receivable £7,181 (2022: £2,080) being paid into accounts held on behalf of various Schools under the aegis of the Diocese of Southwark. No amounts were paid over to these schools in either year. At the year end, balances of £167.424 were held in designated barbk accounts separate from the charity and trading subsidiary's designated bank accounts (2022: £160,243). As the Trustees have no responsibility for the application of these funds, the income and bank balances have been excluded from the financial statements. 20 Members The company is limited by guarantee and the liability of the members is limited to an amount not exceeding £1. 53

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Notes to the financial statements Year to 31 De￿rnber 2023 21 Post balance sheet events On 23 April 2024, a contract was signed for the roofing works at Exton Street to the value of £870,387. This work is anticipated to be completed during 2024. Christ Church C of E Primary School Battersea will be closing on 31 Aug 2024 and the building will be transferred to the Board of Education. 22 Consolidated statement of financial actlvitles- Year to 31 December 2022 Unrestrttedfvnds Gentrnl Desllnot luftds Restrlrted fvnds Endowment lund* Tptal 2022 Income ondendowmentslrom.. Gronts onddonotlons Choili(rble cJctlvllles Othertrodlng octlvltlts stments 3SS,318 74.276 566.325 862.685 1,858.604 5.586,S36 595,980 6,641,854 670.256 566,325 I.0￿.584 8,879.019 117,996 817,996 9,426 6,191,942 10.477 JO,477 Totollncome Expendlture on.- Rotslnqlunds Chuiltoble actlvltles 433,126 1,487.9$5 1,919.081 431,126 4,356.739 4,787,565 191,878 191,878 2.675.906 2,675,906 Totulexpendlture 14etleKpendlturel/lncomt befvre Investmentgoins ortd 160.4771 626,111 3,516,036 9,477 4.OSII,154 Unr¢ollsed loues on Inve5tffttnt propertlt5 Net1105sesl/gulns ortllsted Inlestrnents lab 12&1,0001 Jlo (530.8041 1530,8041 Netlexpendlture?/ln¢ome befvfe tronsft f591,2111 346,118 3,516,036 9,477 3,280,350 Trprfftry belweenfvnds Is 160,OOOJ Netm0￿mentInIUndS 15312811 346,118 3.456,036 9.471 3,28Q,350 Nec¢rtcillLTtlortolfvnds.' FunL15 bmughtloNord trr i Jonuvry 2022 Funds carrltdfvnvordotgl Ik¢ember 2022 3.412.743 16.837.S64 1,314,942 240,416 21,805,665 Is 2,881.462 17,183,682 4,770,978 249.893 2S.086,OIS 64

SOUTHWARK DIOCESAN BOARD OF EDUCATION INCORPORATED Developing Churcli of England Education