Regigtered number: 03636078 Charity number: 107394S THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 'A42H953E4 1510412021 COMPANIES HOUSE Alo *34 VINTrfMS
THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantse) CONTENTS Refgrenca and Admlnlslrall¥e Detasls olthe Company. its Trustees and Ad¥isws Trustsos, Report Indendent AudIt0. Report on the Financial Statements 10-12 onSolat8d Staternent of Flnartcial A¢tlvities 13 Consolldat8d Statemwt of Flnan¢lal Posltlon 14 Company Statement of Financlal Posltion 15 Consolidated Statement of Cash Flry 16 Notss to the Flnanclal Statements 17-41
ThE OOREEN BIRD FOUNDAnON (A Company Limited by Guarantee) REFERENCE AND ADMINISTRAMVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2020 Trnstse$ G. F. P, chainnan S. A. Coen, CEO, joint princip and accwnting offKer of subsid>ary Irading College L. de Abu. Joint pwincio of S)$KIlOry trading cdlege S. J. Alkins D. G. Hayes J. P. Errery N. Patel S. R. Wats0n-FoW lappointed 21 Juty 20201 Company registered numb•r 03636078 Charity reglstofed number 1073945 Register•d office 1 Be¢Yford Rtrw London WC1R 48Z Company Secrètary S.C.R. Secretaries Ltd Chlef executive officer S. A. Coen Ind¥p•nd&nl auditor¥ Venthams Chartered Accountsnts Statutory Audrtor 51 Lincoln's Inn F L¢)ndon WC2A 31 8ankors Bardays Bank ptc Bexkyheath Business Centre Kent Sollcltors Greenw(y>Js GRM LLP 1 Bedford Row London WC1R 4BZ Page 1
THE DOREEN BIRD FOUNDATION (A Company Limlted by Guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 JIJLY 2020 The Trustees presenl their annual rep)rt together wth the audited fiftan1 statements of the Company for the year 1 August 2019 to 31 July 2020. The Annual Report serves the purr)5es of b)th a Trustees, report and directors. report under company L. These documents. together with the audrtorfs report. fomi the financial statements for the year. The Tnjstees ¢onfim that the Annual Report and fineial sLemenls of the charitable company coffyty with I cuffenl stalulory Tequiremenls under the Companies Act 20C6, the requirements of the charitable Company's govefning documents and the proVisS of the Statement of Recommended Practice ISORPI applicable to haiilies preparing their accounts in acrdance with the Financial Reporting Standard aPpIable in the UK and Republic of Ireland (FRS102} {effective 1 January 2015) as wded by Update Bulletins 1 and 2. The diTeetors of the Company a rts Trustees for the purpose of charity I throughout this report are collgctively referned lo as 'lhe Trustees-. The Doreen Bird Foundati¢)n is referred to this annual report and financial statements as 'lhe Companf, 'Ihe Charty. and Yhe FOUn¢JalM" The subsidiary company, The Doreen Bird Cole of Perfoming Arts Limited is referred lo in this annual rep)rt and financial statements as coe. ar 'lhe Subsidiaty,. The Charrty and the College together are referred lo as Ihe Group-. The DOen Bird Foundation is 8 limited ccrfnpany inccApor8ted on 22 September 1998 under the Companies Acts.and is also a wislered charrty. 11 is governed by its Memornndum and ArtleS of Association. The company is limrted by guarantee and dces ncrt have a share capital. It is gxempl from using the wcid Limited in the name of the company. On 22 February 1999 Mrs D J Cook and Mr F E Ccok transferred their holdings of 900 8nd 100 shares fespeclively in the Doreen Bird College of Performing Arts Limited lo The DOen Bird F¢yJndation. These have been included in the financial statements at the estimated value al the dale of trart5fer. Mrs D J Cook dvj on 4 February 21J04. By her wll she left the chafity three propert under 8 pemianent endowment subject lo the payment by the charty of the expenses of the estate including inheritance tsx. These were induded as langibje fixed assets but were sold in a prewous year and replaced by a further asset which was a¢quid for and is being developed forthe pu of the trade of the Subsidièry. Page 2
THE DOREEN BIRD FOUNDATION IA Company Llmlted by Guarantsel TrUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020 08JECTIVES AND ACTIVITIE5 a. Pollcles and oblectlves The objectives of the Charity are as folltrhs: To advance the edtIOn of the pul1¢ in the sluty of perfomiing arts, dance. drama. singing and related subjects. . To prom)le the development ofeduc*b)n in the perfrnIng arts. To promote the deveb)pment of facihb.es for the te¥hing and performance of perfwning arts. dance, drama, singing and related subjects. In setting objectives and plannirvj for tIVeS. the Trustees have given due consKleraIM to general guidance published by the Charity commiss relating to public benefft. induding the guidance 'Public benefrt.. running a charty IP82}'. b. Strategles achieving obioCtive5 To achieve its objectives the charty pTovNJes schoLarships. bursaries and awards to applunts to attend courses and provides Support to establish and maintain any 1. schwl, or education body where students may be educated in perforffling arts. dance. drama. singing arKI related subjects. c. Activitles undertaken to achleve ObCtIveS The Company has provided support to students of the College by way of prowding bursaries and other financial support towards students. tullfi fees. Some of these bursaries were allocated from restred funds as the awarding of these funds confoms to thè restriCtnS plac&J w the58 funds when they were gNen to the company. The C¢)mpany recewes a rna[k rent from the subswjiary fty the building prowded by the Company lo the College lor the purposes of the College's trade. The cosls incurred on the acqui&tion and refu¢oishmenl of the premises Mention abovè have been erfher financed Irom the cash reserves of the subsidiary land Iherefote rdlecled in the balance on the intercompany aCUnt) or from bank loans granted by the Cornpan¥s banker or from the sale pr¢xeeds of the three properts'es bequeathed lo the Foundatson under the wll of the F¢wnder. Mrs. Cook. Page 3
THE DOREEN BIRD FOUNDATION IA Company Umited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2020 ACHIEVEMENTS AND PERFORMAN¢e a. Maln achlov•m•nts of the Company The Company has eonlinued to provide support to its trading subsidiary by way improvement of the site occupied by the SubsKliary and the proVisft of bursaries for students. The SubsidBry pays a martel rent for Ihe propetywhich is used for the Sel¢ln9 of the bank loans that were taken out lo purchase and improve the sile. Kèy pgrforrnance indicato Th& CLynpany has not set any Key Perfomwce Indicators. c. Revlew of a¢tNities The resuks for the year are as set ¥1 the consolidated statement of ffinancial acttvities. The Subsidiary achieved a surplus for the year which wll be passed lo the Company as a Grft Aid donation in the followng year allowing the Company lo fund future charrtable eyndrture the develcyrnnl of the site for the Colkge. d. Fundraising activities and income generati¢ The charity underlokes no direct fund raising re1¥&I inccthe from the Ing of its premises to the subsidy. a conlribulitin from the Univefsity Sup the actith of the trading subsidiary and from m5scellaneous donations. e. Investment polw and perfomance All funds are held for short tem us8 and are therefore maintained in bank current rnrts. FINANCIAL REVIEW . Going ¢onc•rn Impct of the coronavirng ICovld-191 pandemi The Company and the Sub$Kliary have continued to be affeded by the impact of the coronaviru5 ICovid-19) pandemic. Delails of this are sel out in the Principal Risks and Uncertanties Section below and in Notes 2.2 and 30. b. R•s•rv•s policy The Trustees have examined the charrws requirements for reseThes in the [ht of the main risks to the Charity. They have determined that gNen Ihe wnmitment lo assist the SubsKliary. it should maximise the level of ils . unrestricted funds in order to prov*Je thi5 assistance in the fLrture. Page 4
THE DOREEN BIRD FOUNDATION (A coMnY Linwt•d ty Guarntse) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENOEO 31 JULY 2020 c. PTSnclpal tsks and uncert•intl8s The Trustees have conSere the priwpal risks and uncertainties the Company and the Group are exposeil to. The sybsKliary is exposed lo a nLmber ol risks which are $pecrf to the affairs of the subsidiary and these are disclosed in fvll in the subs$ accounts as ftllknws. Risk.. GoY•rnm•nt and local authorlty fund•ng The Cowe has nSIderab reltance on o)nthiued g0vemml funding through the further and highèr educatXn se¢tor fvnding b(¥Jies. In 2019r20 64% 12018119.. 64%) of The College's revenue w88 ullimatesy publicly funded and this level of requirement is exFeCted lo cortinue. The are can be no assurance that government poli¢y or practice wll reffoin the sarrn or thal publi fvnding will continue at the same level$ or on the same terms. The is aware of several issues may ¥npa¢t on futu fvrKJing: the tunding may ¢ease ertheT through the xlions of a change in Govemff*nt Policy, the perfomian¢e of the students ofthe College or a change in crrtell"a of ihe funding bodies which may mean the College no longer qualTrfies fof funding- the levels of fvnding may be reduced. The risk is mitigated in a number of ways".- funding 1$ dertved through a numt•r of direct and indirect contractual arrangements., by ensuring The colge is rigor¢$ in delivering hBh qualty edu¢ation and training." considerable focus and investment is placed on mainta'ning and managirffJ key relationships with the various funding bodies". ensuring Ihe College is focused on those pl1 WIS continue lo benefit frcm public fundrng. regular dialogue with funding l)oJtes. Risk: Tultion f¢• policy Ministers have confimed that Ilre fee assumption remains al S. In line with the majorrty of other colleges. The College will seek to increase tuitKJn fees in accordance with the fee assumpti'ons. The risk for College is that demand falls off as fees increase and this reduces the income stfeam of from Ihese soufces. This will impact on the grovhh strategy of The College. The risk is mrtigated in a nunthr of way3.'- ensuring The Comege is fwrous rn deli¥Ering high qualty eduCatM and Iraining, thus en$urirvJ value for money for students., close monitoring of the demand Icff as prices change.. increasing the number of full fee paying St4thnts such as ¢)verw$ $14thnts. Page 5
THE DOREEN BIRD FOUNDAMON IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020 Rlsk: Leglslatlon and health and safety In line wilh otheT Colleges and businesses. The Cge is exposed to the risk of aclnn by existing staff. students or members ol the public from the failure to operate the business in accordance with current legislation including that and safety matters. The is m(11gated in a number of ways.'- setting up a an<1 safety Sub-¢)mI1tee lo lodt at all asFects of heaih and safety.. appointh)ent of a head of faCilitS and addrtional premises supeNisors", engaging a specialised heatth and safety company lo carry out fomwl risk assgsswents on the assets of the College,. engaging a speciah'sed human resources Company lo ensure that all staff matters are in accordance with the relevant legislation.. ensuring UBI all stsff re1Ve adeque training in health and safety matters. Rlsk: Impact ol the coronaviius (Covid-19) pandemic The Company and the SubsKliary have been affected by the Worl(e impact ol the pandemic caused by the coronavirus {CovKb19 p8ndem¢}. The Tre#S war(1 this as a ygnfficanl risk 8nd therefo disclose in Note 30 the risks that the company is currenlty exposed to and the fa¢lors th they are taking lo mitige these risks. The trustees regard the risks that the subs are expxJ5td to as beiry the major risk5 that the Company pjone and thg Group are exposad to. The majLV risks associated wlh the inpact ofthe coronavwts ICovKI-191 pan¥Jemic have be8n assessed as: possible drop in students and fee rncome fw other sources." an inabilty to use the companys premises for teaching purposes.. an impact on the enlWs suppty chain- an impact on the entys work for.. an impact on cash from ether kisses or changes of or payments schedu$ for super5. not knowing how long this srtualion will go . The risks arg being mitsgated by detsiled planning and ntingencY measures being put in place by the toard of directOTS and the senKJr management team of the Subsidiary. These indude.. use ofGo¥ernment fvnded sc1w to finance empbyees plac&J on fvrlough.. revisn to detailed cash flows and budgets under various scenartos," dixussKJns with supplrs lo arrange pawnenl plans and to defeT plann&J capital exp8ndilure' where possible arranging for the wOrkf0e to off srte. The sUdIary ha5 thntffied three immedth key obiedives to reduce the impact and detrimental effects Coused by the impact of the virus.. protect the educatn and traning of the student bLty. rgwf( exceptional studenls for September 2020", protect the financial heatth of the organisalion to secure its fvture The soLd financial planning and measures Pbjt in by the management team of the subsidk?ry hav ertsured it is in a reasonable financial and OFeth"ng F*%rtion to coFe wrth the immediate effects of the pandem but it 1$ appcIated that longer tem planning consKlèrations are also quIred. The impact of factors r8sukin9 from the VINS are OrIng and not kncming hcm long this situation wll go on represents a material uncertainty. Boafd of Directors Set out their consideration5 regarding going concem in Note 2.2 P4e6
THE OOflEEN BIRD FOUNDATION (A Company Llmitgd by GuaRnt•el TRUSTEES. REPORT {coKfip4UEDI FOR THE YEAR ENDED 31 JULY 2020 STRUCTURE GOVERNANCE AND MANAGEMEKr a. Con$tslutlon The DoTeen Bird FoundatKJn is regtstered as a chaiilable ujmpany limited by guarantee and was set up by a Memorandum of AsscciatK¥n. b. M•thods of appolntment or elKtlon of Tte¢S The management of the Cryany i8 the Tesponsbilty of the Trustees. The Trustees are electsd and cmpted under the terms of the Artides of A$slatI)n which st that the number of tnJsl8es shajl not be Jèss than hvo bul shall not be subject to any maximum. The first trustees appointed under the Art1¢5 ol Association. TTU51ee5 are required lo retire by rotation at the Annual General Meeting and rf thé members do not fill the vacancy, the retiring tnjstee shall be deem&J reappointed unless the INslee ts unwilling to act or (( is resolved not to reappnt the Irustee. Addthonal truslees are appointed by the Company by ordinary iesolulion ol the membeTS. The Trustees may appoint addrtiona trustees or fill a ¥a. The Foundation has aff so all dectsion$ are made bythe Truslees. The Trustees seThiing in the year and since the end of ts yeor are set out on page 1 of these finanoal ststemenls. ¢. Policies adwed for the induction and training of Trustees No specthc polirie5 have been ted for the inductK>n and training of Iruslees. d. Pay pollcy for key management p•tsonnel There are no key management personnel empw by the Company. The pay policy for the key management personnel employed by the trading subsKli8ry ts detemiined by the Board of Diredors of the subsidiary. e. Financial rlsk management The Trustees have assessed the major risks to which the Group and th8 Company are exposed, in particular Ihose reled to the operations and finances of the Group arKI the Company, are satisfied that syslems and PrluTeS arp in pW to mitsg exFosure to the mw risks. PLANS FOR FUTURE PERIQDS The new site prowded for the trnding subs[ary has been fuuy c¢cupied by the subsidiary, bul thoTe is 8 continual and on going need lo look * expansKJn of this site. The Companls bankers ¢onlinue to provide additional support to undertake this expansion. This indudes the Company providing Ihe Subsidiary wrth modular buildings acquire(I by rwans of finarKe leases to be used a additional ¢Jasyc<Jms. Impact ol the coronavirus ICovld-19) pandemlc As noted in the principal risks and unr*rtainties section above and in leS 2.2 and 30 the Company and the Subsidtary have been rmpacted by the effects ol the coronaMNs ICowd-19} pandemic. These affects are wide ranging and cannot be determined wrth a¢¢urary a$ the parKlemrc is ongoing al the dale of apprgval of the financial 5tstements. and not knwng how long thB srtuation go on represents a Materi uncertainty. Pagè 7
ThE DOREEN 81RD FOUNDATION (A Company Limtted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020 TRUSTEES. UABILITY The trustee5 of the Company guarantee to contribute an mnl n¢X exceeding £1 to Ihe assets ofthe Cornpany in the event ol winding up. Statement OITN¢es. respoTrsibllitles The Tfustees (who are a150 the dire¢t¢ys of the Cumpany for the purp¢)ses of companylowl a responsible Iof prgparing Ihe Tru$tee$' Report and the fina?1 statemènts in accordance wrth applicable and United Kingdom Accounting Standards Iunrted KingdThn Generalty Accepted Accounting Practvl. Company law requires the Tnte to wepare financial staternerts for each financial ar. Under company law, the TTUStees musl not approve the financial statements unless they are sali$fi&J tl)al they give 8 true and fair VMY of the stale of affaits of the Group and the Comparty and of their sncc19 resour aftd apPI1¢0n of resources, including their Inco and expenditu, ftv that penod. In preparing Ihese financral sLenrts, the Tntstees are required to". seled surtable a¢countirrfJ policw and then appty them consistenlty.. observe the methcJs and prffKWes of the Charilies SORP {FRS 1021.. make judgements and accountiry estwnates that are r&7sOrbI8 and PTudenl: stste whether applicab UK Accounting Standards IFRS 102) have been foll¢)wed, Subj'ect lo any material departures disctosed explained in the ffinanci81 stateMts,. prepare the financial statements on the going cCern basi5 unless inapprcpriale to presume that the Group will conbnue in business. The Trustees are responsiblo for keeping adequate acnting rewds th are suffKienl lo show and explain the Group and the Companys transaclM)ns and discbse with reasonable aracY al any time the financial posrtion of the Group and the Company and enable them lo ensu that the financial statements compty wlh the Ccmpanies Act 2CKJ6. They ale also responsible for safeguardin9 Ihe assets of the Group and the Company and hen fof tsking reasonable Steps for the prevention arKI detectKJn of fraud and other irregulaTrtEs. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Trustees at the tffne when thi¥ TTU5tees' Rewt is approveJ has confirmed that.. so far as that Trustee 1$ ware. there is no renI audrt infr)miation of which the charitable group's auditots are unre. and that Trustee has taken aN the steps th8t Jght to have been taken 8s a Tfuslee in order lo be aware of any releva aLhYil information and to estsblish th* the charilable group's audrtors are aware of that informatK)n. P4t8
THE DOREEN BIRD FOVNDAnoN {A Company Limited by Guaftnteo) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 JULY 2020 AUDITORS The auditors. Venthams, have ir¥Jicaled trir to continue in off. The dIgnated Trustees wll propose a Moti reappointing the audrtors at a meeting of the Trusteas. Approved by order of the me rs of the board of Trustees and spJned on their behall by. G. F. Pln• {Chair of Trustee Date. 6 April 2021 Page 9
THE r)OREEN BIRD FOUNDATION IA Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ThE DOREEN 81RD FOUNDATION Opinion We have audited the financBI ststements of The Doreen Bird Foundation (the 'pawt eharilable cornp8nrfl and its subsidiaries (the 'group') for the sear ended 31 Juty 2020 whicti comprise the Consolidated St8ment of Finanaal Activities, the consoled Slateme¥)l of Financial Pos"c. the Company Statement of Finacial Position, the Consolidate(J Statement of Cash Flows and the related notes, indudin9 a summary of signfficanl accounting policies. The financial reports.ng framework that has been appl.th in their preparation 1$ applicable law and United Kingdom Artounting Stsndards. induding Fina101 Rep¢yting Standard 102'The Financial Repoth"ng Standard appluble in the UK and Republ of Ireland, {Uni(e(1 Kiwom Generally Accepted Accounting Pradicel. In our ¢¥inion the financial statements: give a tnje and fair vitr* of the state of the Group's and of the pargnl charitabl& c¥)rrpanys affairs as * 31 July 2020 and of Ihe Group's IncinIng resoLIf appluthjn of resourcEs. irKluding its income and expenditure for the year then ended: have been properly prepared in accordan with United Kiwm Genernlty Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Ccffipanie5 Act 2006. Basis IOT oplnlon We wndu¢ted our audit in accordance wrth Intemalk?nal Standards on Audrting (UK) (ISAS IUKII and applicable law. Our responsibilrties under Ih¢)se standards are further des¢ribe(l in Ihe Auditors. SPOnSIbilItIeS lof the audit of the financial statements sectKJn of our report. We are independent of the Group in &cordance wrth the ethical requirements that are leVant to our audtt of the finan¢ral statements ift the Unrted Kingdom, including the Finala1 Reporting Cou11,$ Ethical Stsndard. and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sulficient and appropr.ote to prO¥e a basis for ¢>Jf 0rt. Mat•rfal uncertainty related to golng ¢on¢em We draw attenlK)n to n¢)te$ 2.2 and 30 of the fKJarKial statements. w1jh sets out the Group and Companls con$ideralKJns on the impact of the cra¥1$ (CovwJ-19) parKlemic. As slated in note 30 the impact of thèse fxtors are onwng and not knthvir¥J h(yw k)r¥J this srtuation vill go on represents a material uncertainty. The Oirectors have set out their asseSSrrnt of going concem in note 2.2 and ¢onsKJer that the goitYJ ¢oncem basis irt the preparation of the Financial Statements remains appropriate. The material uncertainty re9arding how long the situation will go on may cast significanl doubl on the cwpany's abilty lo continue as 8 gc4ng concern. Our ¢Jpinion is not medrf% in respect of this maiter Page 10
THE DOREEN BIRD FOUNDATION IA Company Limited by Guaranteg) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OOREEN BIRD FOUNDATIQN (CONTINUED Other inforrnation The Trustees a responsible for the other infomwion. The other inf0MtIOn comprises the inf0mtIOn included in the Annual Report. other than the finanal statements and our Audrtors. Report thereon. Our opinKJn on the rinanoal statements does not cover the other inlomation and. excapt to the extent otherwise explthy ststed in Oul feport, Y do not express any fomi of as$urance condusion thereon. In nneCtIOn with our audit of the financial Ststeffnts, our responsibilty is to read the other infomialion and, in doing so, consider whether the other inform8lion Is materialty in¢onsi$lent with tho financial ststements or our knowledge obtained in the audit or otherwise appgars to be materialty rni551aled. If we identify such material inconsistencies or apparent material rni55tstemenls. we are requlred lo determine whether there is a material misstalemenl in the financial stalements or a material mi8ststement of the other informatKJn. 11. based on thg wort we Iwe performed, we condude that there is a merK41 misstatement of this other information. we are required to rgport that faca. We have nolhing lo report in Ihis regard. Opinion on other matter5 prescri1d by the Companies Act 2006 In our opinion. based on the vKrfk undertaken in the clse of the audit.. the inlomation gNen in the Trustees, Report for the financial Jwr for the finatal stalemenls are prepared is consistent wrth the finan¢hi1 ststertsnts. the Trustees. Report has been prepared in ance with appiicabie legal wuirements. Matters on whlch are required to report lry excepllon In the light of our knowledge and understanding of the charrtable company arKt ils environment Obtain in the CCMJTse of the audrt. we have not idenlthed material misststements in the Twstees, Rew)rt. We have nothing lo report in respect of the follNin9 mattets in relation to which Companies Act 2Cth requires us to report lo you if. in our opinion.. the parent tharite ecmpany h8$ not kept adequate and suffiCnI acccwnting records, or retums adequate fGY our audit have not been [eived from branches not visited by us., or the paont charitable company financial sLments are not M) 8greernenl %vith the 0untir9 records and retums.. or certain disclosu of Trustees, remurwatth specthed by law are not m," or we have not received all the informaknn and explanations we require for our audit. Page 11
THE DOREEN BIRD FOUNDATION (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DOREEN BIRD FOUNDATION {CONTINUED) Responsibllities of trustees As explained more fulty in the Trustees. Responsibilities Stalement. the Trustees (who are 50 the directors ol the charitable company for the purposes of company lawl are responsible for the pparalKIn of the financial Statements and for being satisfied that they give a Inje and fair view, and for such internal conlrol as the Trustees determine is necessary lo enable the prepafth.on of finaneial statemenls that are free from material misstatement. Nthelher due lo fraud or error. In preparing the finan81 stalemenls. the Trustees are fespons)le for assessing the Group's and the parent charitable cornpanls ability to continue as a going concern. disclosing. as appli¢abte, matters related lo going concern and using the going concem basis of aceounling unless Ihe Trustees either intend to liquidate the Group or the parent chrtable company or to cease (Werati$. or have no realislic 8Aemalive but lo do so. Audltors, responslbilities for the audit of the financlal statements Our obje¢tNes are to ¢)btain reasonable assurance about whether the financial slalements as a whole are free from material misslalement. whether due to fraud or error. and to issue an Auditors, Report that include5 our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audrt conducted in accordance with ISAS (VK} w1 always detect a material misstatement when il exists. Misslalemenls can arise from fraud or error and are considered material if. indivKlualty or in the aggregate. they could reasonably be expected lo influence Ihe economic decisions of users laken on Ihe basis of these f5nancial statements. A further description of our responsibilrties for the audit of Ihe financBI statements is located on the Financial Reporting Council's website " www.frc.or ukjaudit we This description forms part of our Auditors. Report. Use of our report This report is made solety lo the charitable company's member5, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 20C6. Our audit work has been undertaken so that we mNJht slate lo the charitable companls member5 those matters we are required lo slate lo them in an Auditors. Report and for no other purpose. To the fullest extent pemied by Law, we do not accept or assume responsibilrty lo anyone other than the eharrtable company and rts members, a5 a body, for our audit work. for this report. or for the ¢Jpinions we have formed. Mark Taylor (Senior Statulory Audllor) for and on behalf of Venthams Chartered Accounlanls Stalulory Auditor 51 Lincoln's Inn Fields London WC2A 3NA 8 April 2021 Pagè12
THE t)OREEN BIRD FOUNDAnoN IA Company Limited by Guarantee> CONSOUDATED STATEMENf OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR EIIDED 31 JULY 2020 EndOnefit funds Rgstricted Unrestricted funds fitnds 2020 2020 Total funds 2020 Total fiinds 2019 Nole Incomè Charitable actiwlies Other trading actmties - subsidiary turnover Cxher investments 175.998 300 176298 189. 103 6,224.829 6,224829 5.995,077 75, 129 Total Incom• 175.998 6.225.523 6A01.521 6, 199,309 Expenditure on: Other tradin9 &tM"tEs subsiiliary expenses Charitable activities 6.578.456 101.409 5.578.456 187,233 5.543, 792 779,098 85,824 Total expendlture 85,824 6.679.865 5.765.689 5. 722.890 Net movement In funds 90.174 545.668 635,832 476,419 Reconchllatlon of funds: Total funds brought loard 1.755.035 737,929 1,eoo,617 4,093.581 3,617. 162 Total funds canied foNard 1,755.035 828.103 2.148.275 4,729.413 4,093.581 The Consdrdath Siatement of FinancBI Actiwties indudes 41 gains and Iwes rewjnised in the year. The notes on pages 17 to 41 fomi part of these ffinanoal ststwnents. Page 13
THE OOREEN BIRD FOUNDATION (A Company Limlled by GuaTantsel CONSOLIDATED STATEMENT OF FINANCIAL POSITION FQR THE YEAR ENDED 31 JULY 2020 2020 2019 Note Flxod assets Tan9ible 8s8ets 12 6.854.647 6,696, 108 6.854,647 6.696, 108 Current assets Stocks Debtors Cash al bank and in hand 15 16 22,856 103,151 1.064.796 24.249 109. 127 464. 177 1.190.803 597.553 Cr8drtors.' amounts falling due within one year 17 (843.169) (2,408.690) N•t ¢urr•nt assets 1 liabilities 347.634 (1,811. 137J Total assets 18ss curr•nt Ilabilities 7.202.281 4,884,971 Creditors.. amounts falling due after mc*e than one year 18 12.472.868) (791.390J Totsl net assets 4.729A13 4,093.581 Charlty funds Endowment funds Restricied funds Unrestricted funds 19 19 19 1,755.035 828.103 2,146.275 1, 755,035 737,929 1,600,617 Total fvnds 4.729.413 4,093.581 The Trustees acknowledge their responsibilities for rnp.ng with the requirements of the Act wlh respect to accounting records and ppa of financial sktemenls. The fina ppr arKI aurI e by the Trustees and sKJned on their behaw by.. F.Pi {Chair of Trustees) Dale.. 6 April 2021 The neS on pages 17 to 41 forn part ofthese financial stat. Page 14
THE DOREEN BIRD FOUNDATION {A Company Llrnited by Guarantee) OMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2020 2020 2019 FIX asséts Tangible assets Investrnents 12 13 &690.454 70.000 5,456,904 70,000 5.760.454 5,526,904 urrgn¢ assets Debtors Cash al bank and in hand 16 94.690 468,249 418,499 16.030 $61939 434.529 Creditors.. arnounts falling due within o year 17 1318.183) (1,877, 160) Net current assets I liabllitleg 244.756 (7.442.631) Tolal assets less current Ilablllttes 6.005.210 4,084,273 Creditors. amounts falling due after more than one year 18 {2.472,8681 (T91,390) Total net aysets 3.532.342 3,292.883 Charity funds Endowment funds Restficted funds Unreslnded funds 19 19 19 1.755.035 864,867 911440 1.755.035 737.929 799.919 Total fvnds 3.532.342 3,292,883 The Trustees acknNledge their re5pon5ibililies lor comptying with the requ(rpJnenls of the Act with re5pe¢t lo accounting cOrdS and pparats.0n of financ1 sktements. The financial s ments were and authovi5ed for issue by Trustees and spJne(l on their behalf by. Plne (Chair of Trustee51 Date.. 6 Apiil 2021 The notes on pages 17 to 41 Irn part of th858 financial slatem8rrts. Pagg15
THE DOREEN BIRD FOUNDATION (A Company limitod by Guaranteg) ONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 JULY 2020 2020 2019 Cash flo from operating a¢tivitieS Net cash use(1 in cper*'ng activi 707,263 Cash flows frorn Investlng actlvltles Purchase of tangsbje rd assels Additn$ to investment properties 1157.9SS) (338,898) 1270.3141 {1.439,Lj Net cash 5 ln investing activ•ti•s 1428.2691 11,777,967) Cash flows Irom fiTranclng adlvitlos Cash infflow$ from new borrovAng Repayments of borrowing5 excluding interest 2,1]00.000 11,871,480) 656,408 f181.049) Net PTovided by financlng acllvliles 128.520 475.359 Chang• in cash and ¢xh equivaftts in the yoar Cash and cash equivalents al the begtnning olthe Jeaf 600,620 464.176 1595,345} 1,059,521 Cash and cash equivalents at the end of the year 1.064.796 464, 176 The notes on pages 17 to 41 fom) part ofthese financwl ststwnents Page 16
THE DOREEN BIRD FOUNDATION IA Company Limil•d by Guarante8} NOTES TO THE FINANCIAL STATEMEp¥rs FOR THE YEAR ENDEO 31 JULY 2020 GEnepal Information The Doreen Bwd Foundation is a wmpany limited by guarantee registered in England and Wales. registrion nurnber 03636078. The wistered office is 1 Bedf¢yO Road. London, WC1R 4BZ. The Doreen 8ird Foundation ts also a registered ehaiity with charity number 1073945. Accountlng polkles It Basls of preparation of financial statmnts The DcKeen Bird F(YJndat meets the definrtn of a public benefft enlrty under FRS 102. The financtral statements have teen prepared in accordance with: the chsTrt SORP IFRS 1021 -Aecounting and Reportrng by Charibes.. Statement of ReComnded Practice appI1ft to charities preporing Iheir accounts in accordance wth the Financial Reporting Stand3Td applicab in the UK and Republic of Ind IFRS 1021 the Financial R¥porting Standa(¢ icabie tn the UK and Ropubltc of Ireland IFRS 102)" leffeclive 1 January 20191. - FRS 102 The Financial Rewting StarKlard AppIable in the UK and Republic of Ireland,. - The amendments to FRS 102 peffliitted from the Triennial Review 2017. . The C¢¥npanies Ad 20CE applic to thar1 c(Anpanw. In the case of the Subshliary it has to prepare its accounls in accordan with Ihe Staternent of Recommended Prnckn"ce." Accounting for Further and Hvjher Educatwjn 2019 Ilhe 2019 FE HE SORPI and the asxtiated College Accounts Dirthin for 2019 to 2020. Assets and liabilrtw initially reccgnised al hi%torKal $1 or transactK)n Thra1 unl8S$ Otheryise slated in the relevant aceounting The Consolidated Stalemenl of Financial ACtiVrt ISOFAI and ConsolK4ated Statement of Financial Posi¢p)n consolidate the linancial $tements of the G[oL and rts subsidiary undertakirKJ. The results of the subsidiary are consdidated on a line by line basis. The Gr¢wp has taken advantage of the exomption akmed under seCtTr 408 of the Companies Act 20CE and ttas not presented ts trwn Statemerrt ol Financial A¢tivrties in these financial Slatemenl5. Page ?7
THE DOREEN BIRD FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Accounting Wicie$ (Conllnuedl 2.2 Going ¢on¢em The a¢tivthes of the Company and the SubSKIry, tcgether the factors bkely to afle¢t th&r future devek)pment and perfoman¢e are set in the Trustees, Report. The financial posrtion of the Company and the group. its cashfiow. liquidity and borrow1$ a presented in the Financial Statemerts arKI &Compann9 ncles. As noted in Note 30 and 3150 the principal risks and uncertainb.es secbon of the DIre¢to, Report, The cPanY and the SubsKJiary have been impacted by the effects of the coronavirus ICovid-191 pandemic. The effects of the pandemic are we ranging and cannot be detemined with accura as the pandemic is ongoing al the de of approval of the financial Statements. and not knchvin9 how long thi5 SitualTon will go on represents a material uncertainty. The Trustees ve considered in detail the effect5 of the imp&ts on the Company and the Group of the coronavirus ICovid-191 outbreak and, taking into account a perictya exceeding 12 months from the date of approval of these financial statements, the Trustees have a reasonable expettation that it has adequate resources to conts.nue in cyeralional existence for the foreseeable future, and for this 0$On wll ¢tinUe to •Jopt the g)ing concem basis rn the preparalion ol its Financial Statements. 13 Income All income of the hOing company 1$ recognised once the Company has entitment lo the inc¢)me, il is probable that the income will be received and the arrM)unt of income receivable can be meaSUd liabty. The poltaes adopted forthfj recognition ol irwne by the Subsidrary are as Idl(Avs:_ Rov8nu8 grant lundlng . Recurrent grants frcffi Funding CourKts and bcrfJs a recconised in line vnth the lalesl esttmates of the grant fe¢eivable an academi¢ yeaT. Non-recurrent grants from Funding Councils or other bods received in resp of the acquisition or construction ol fixed a$5ets are treated as tjeferred capital grants and am0"Sed in line wrth depreciatK)n over the life of the assets. No recurrent grants ftom Funding Counuls or other r8ceNed in respect of revenue expenditure are recognised in the sa£ peric¥J that the eypendrture is incurred. Grants receNed before th& expenditure has been incuried are shon in rJedrtors. Fee Income and btsts•fties Tuilion Fees and EdLJ&ion Contracts represent amtsjnis receivable from sludents, parents, L¢xal Educatton Authoritye$ and SF<Jnsors in respect of fees for the year under consideration. The osl of provhling bursaries and fvnding from the Companls own fvnds is excluded fr¢)m tuihon lee3. Bursaries mei by other partyès are Ivded as TUrtn F88S. The Coltege acts as an wt in the Collect and Paneftt of certaNI dtscretKJnary support funds and any other arrangenIs. Related payments received from the fundtng jIeS and s¢uent isbursèments to students are excluded from the irtme and eenditure of the College. Page 18
THE DOREEN BIRD FOUNDATION (A Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 JULY 2020 Acounting pdicies {contlnued 2.4 Expenditure Expenditure b5 reccgnised once there is a legal c ¢rUCIlve obligats'on to transfer economic benefit 10 8 third party, rt is probable th a transfer of econrynic benefrts will be required in sertlement and the amount of the obligat¢on can be measured reliabty. Expendrture is ebassffied by activrty. The costs of each ath.vty are made up of the totsl of direct Costs and shared costs, including support costs involved in undertaking each activrty. Diwl costs attributabfe to a single activity a allocated direcuy to that actJ"vity. Shared costs which contribute lo rn0 than one actNity and support SE5 which are not attributable lo a single actiW apportioned beknn those acts'vrties on a basis consLStenl with the use of resoLhrces. Expenditure on raising furKls includes all ewdrture incurred by the Group to raise funds for tts charitable purposes and includes costs of all frjrnyratsing ac1bVleS events and non-charilable Ir&Jing. Expend((ure on chafitabie acb'vities is in¢urred on diredty undertakng the actMti&s whth fvrther the Group's cknjeCt. as well as any a$Sted supm costs. Expendf(ure is Ounted for under the aCCS concept th the &Jditi"on of Value Add Tax as neither the CnpanY nor the SubsKliary are registered forvalue Added Tax. 2.S Government grants Grants are accounted under the accruals mtslel as permitted by FRS 102. Grants lating to expenditure on tangible fixed assets are credited lo profft or bss at the same rate as the depCIalton on the as$els to whi¢h the grant rejales. The deferred e18ment of grant5 1$ includ*J in Crgditors as deferred incomg. Grants of a revenue nature a recogni in the Consolidated Stalen1 of Financia ktivities in the same FericKI as the related expeftditu. Page 19
THE DOREEN BIRD FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Accounling pollcie5 {¢ontinu•d) 2.6 Tanglble Ilxed awts and depreciation Tangible fixed assets c05tin9 £1 or mfft per irkjrypjual rtan we Capttalised in l)oth the Company and the Subsidiary and recognised when fvture ecc¢¥ benefits are probab and the C1 value of the asset can be measured relbty. Tangible fixed assets are initiaty recognised at C051. After rectrjnrtion, under the fevaluation model. langible fixed assets kno5e fair value can be measured reliabfy $hall.be carried at a Tevalued amount. bging Ihebf faK value * the de of revaluation less any subsequent accumulated depreciation and subsequent xcumuiated impairwEnt losses. Follixy4 the reorganisalion of the Subsrary coljege wrto slée in 2016. a detailed review of Fixed Assets was carried out by the subsKliary and a policy was adopted of Valuing those ass?Is which existed at the transfer lo a new sile al their rnarket value at Ihe date of the transfef Addilions subsequent to the transfer lo the site. and the costs involved wilh the creion of Fixed Assets thin the new srte are sh(h¥n at cost. Revaluat)ns are made wth sufficient re9ularity to ensure that the Carrying amount does not drffef materialty from that whtch would be delemiined using fair valuo at the end of the rewrknng date. Gains and losses on revaluatth a recognised in the Consolidated St81ement of Financial ActNities. wffh a separe r8valuobon reserve bgiry shtyvn in the Stemenl of Funds r18. Properties rented to other group ent((es are accounted for under the cost model and are ststed * historic cost les5 accumu5ated depreciation and any accumukited impairment losse5. Assets in the course of constrtA)n are wJclLMled at Costs incurred to date. Depreciation on these assets is not charged untrl they ao brought into use. At each reporting date the Company assesses ether there Trs any indKion of impairnenl. If such indi¢8tion exists. the recoverable amount of the asset is deteffnrned to be the heT of its fair value less costs to sell and its value in use. An impaim*nl foss is recogntsfra wlwe the cairying amount excegjs the recoverable aTrnt. Page 20
THE DOREEN BIRD FOUNDATION IA Company Llmlt•d by Guafanteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Accounting polfcles (continu) 2.6 Tangible flxed assèts and d¢prnciatiofi (continued) Deweciation 15 charged so as to alk¢ate the cost ol tangible fixed assets less theii residual value over their estimated useful lives. using the Straht line and reducing baLgnce method$. . Deprecialion is provJed on the foil(ywing basiy.. Lo1.terni leasehold propErty Modular buildings being erected on the lorvJ- temi leasehold propety ale depreciated over the expected lrfe of the buildings of60 years. In the direciorfs opinion the femainder of the long4erm leasehold property of the hotding Company has an expected sUal value al st equal lo the costs as work is being undertaken to improve and extend the 5iie and therefore no Llepreciatbjn is currently being prowded on this. Over the term of the bea5e {SLbbsidiary onty) Improvements to leasehold premises Costumes and props Motor veh¢les Fixtures, fittings and equipment Computer & IT equipment Musical instnjnlS 2¢)% ReducirrfJ balance method (subsidiary ontyl 20% Reducing balance method Isu05idiary on) 20% Reducing balance method (subsidiary ontyl 20% Reducin9 balance method Isubsidiary ontyl 20% Reducing balance method Isubsidkary on) The 8sgets' resKlu•l vaues. useful lives and depreCIatn methods are revid, and adjustsd pro$pectivety rf approprie, or rf there is an iTh3ication of a signthcanl change sinGe the last reporting dète. Gains and losses on dispwls are detemiined by Par1j Ihe prc£eeds with the carrying amount and are recognised in the Consolhlated Statement of Financial ActNities. 2.7 Invwtments Investrents in sub&diaries are valued at cost less provision for wnpairment. 2.8 Stocks Stocks of the Subsidkary are valued at the kn¥er of cost and selling pn¢e less selling costs after making due allowance for cbsolete and Sknw4r1r$ Cost includes all direct costs. 2.9 Oebtorn and prepayments Trade and other debtors are reccgntse(l at the settlement amount after any trade discount offered. Prepay7nents are valued * the amount prepaKI. 110 Cash and cash equlvalenis Cash is represented by cash in hand and deposits financial institutions repayable without penany on notice of not rnre than 24 houTS. Cash equNalents are hvJhJy INuid investrnents that mature in no mofe than three months from the date ol acquisrtion and th* arg readity nVertible lo known amounts of cash with insneant fisk ofchange in ¥ae. Page 21
THE DOREEN BIRD FOUNDATION IA Company Llmltgd by Guarnntst) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 AountIng policles {conllnuedl 2.11 Llabllltles and provisions Liabilities are recognised when there 15 an d>lyatron at the Balan Sheet date as a result of a past event, it is probable that a transfer of econom benefft will be required in settlement, and the amounl of the settlement can be estimated 11abty. Liabilities are niSed at the wn¢wnl that the CThny anticipate5 rt wll pay to settle the debt or the ount il has rKeived as adce panents for the goods or services rt must pe. A is rewnised in the Sub$KIr lo the exlent of any unused haY pay entitment which is accnjed at the Balanca Sheet date and carned fOard lo futu pericmys. This is measured al the undiscounted s3Lgry of the lulure hd]day entitlement so accrued * the Balance Sheet date. 2.12 Flnancial Instruments The Group only has finanryal assets and financk41 Itabilities of a kind that qualfy as basic financial in$trument5. 8asic financ( instruments are initi.alty reco3nised at trans8ctK)n value and subsequentjy measured at their setU¢mt value with the ex¢epts"on of bank b)an$ which are subsequenlly measured at 8morti5ed cost U5g the effec(Ne Interest fTEthoa. 2.13 Flnanceloases and hlre pur¢h Assels obtained utr hire purchase contrxts arwj ffinance leasos are Capilalised as tangibl8 fixed asset& Finance leases are those where substantialty au of the beneffts and risks of cwneTrhTJ are assumed by the Group. oblffjatnS undei svch 89reements are included in ¢or$, net of the finance charge albcated to fvture pers. The finance of the rental payment is charged to the Consolthled Statement of Finanrial AMt5 so as to prcmJU a con5tsnl pericrfjic rale of charge on the nel obligation outstanding in wh peric¥J. 2.14 Operatlng leases Rentsls paid urnjer operating leases a chaoed to the Consolhlat& Statement of Finarttal Actbvities on a $trawJht line basis over the kase term. 2.15 Penslons The sLtbSidry operate5 a defined c(tribUtIon plan for its empbyees. A defined ttJntributKJn plan is pension pL3n under whh a Company pays fixed contributions into a separate entsty. Once the contributn$ have been pabj the Company has no fvrther payment obligatN)ns. The contributions are recogntsed as an expense in the Statement of Financial ActNilies when they fall due. Amounts not paid are shthvn in accruals as a liability in the consolated Slalemenl ol Financial Position. The asse15 of the pfan are ld separatety from the Conwany in indepondently administered funds. Page 22
THE DOREEN BIRD FOUNOATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Accounting pollcies Icontinued) 2.18 Fund accounting UnrestrKted funds are available for use at the disClOn of the Trustees in furtherance of the yon8ral obiecb.ves ofthe Group and whith have nol been desgnated for other poSeS. Designated funds comprise unrestn"¢ted fvnds that have been set aside by the Truslees lor particular purposes. The aim and use of each des+Jnated fund is set out in the notes lo the finanu81 staternents. Restricted funds are furKls which are lo be used in &Cordare with 5pecffic $trICOnS imposed by donors or which have been raised by the Group for particular PUfTM)ses. The tS ol raising and administerir¥J such funds are chargejj against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial stalemerts. Endovrnent fun(Is represent the v*ue of assets giftgj lo the charity by lis founder either as gifts lo the chty or as le9acie5. Inveslm8nl inuTh8. gains and losses are allo¢ated to the appropriate fund. Pagg 23
THE DOREEN BIRD FOUNDATION (A Company Limited by Guarantsa) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JULY 2020 Critical a¢counting estlmats5 and ar•as of Judg•m•nt Eslirnales and judgements a continyally waluated and afe based on historical experpence and other factors. including expeclKJn$ of future events that are believed lo be reasonable under the circumslancgs. Critul accourrting ests"mate5 and assvrpptions". The Company and its subsrdiary make estimates and assumptions conceming the future. The resulting aceounling estimates and assumptions wll, by definition, seldom equal the relaled actual results. The estimes and assumpticS that have a $KJnfficant risk of Using a materral adjustment to the carrying amounts of assets and liabilrtY&s wrthin the next financ1 year a dsSed bel¢)w. Tanglble Ilxed assets olthe subsidiary Certain cla%8es of tangible fixed assets of the Subsidiary were revalued during a previous year at estimated market value as assessed by the directrys in consuttalkjn with members of staff and exteTnal suppliers. Tangib)g fixed assets are deprecioled over their us8ful lives tthng into awunt rgsidual values. where appropr. The adual fves of the assets and 51Val values are assessed annualty and may vary depending ¢)n a number of fa¢tors. In re-assessing asset lives. factors such as le¢hnol¢yJical innovation and MainteTran programmes a taken into accourrt. Reshlual value assessments consKler i$$ve5 su¢h a$ fLrtufe market ¢ondits"ons. the remaining lrfe of the asset and projected dispos81 values. The direclors of the Subsidiary have consldereil whether there a indicators of impaimient of the Group's tangible assets. Factors taken into consideration in reaching such a deusion include the econtynic viability and expected future financial perf0mW of the asset. Loasos Managemenl determine whether leases entered into by the Company or the College as a lessee are ¢Jpefaling or finance leases. These dec1sKS depend on an assessment ofwhelher the risks and rewards of rywnership have been transferred from the lessor to the lessee on a lease by lease basis. Crili¢al aws of judgement.. Impact of the toronavirus (Covi&19) pandemic on the acbvfties of the Company and Subsldlary The Tlustees of the C¢ynpany and the dTrredors ol the Subsidiary have consKlered the uncertainty ari5in9 from the ¢thinaviru$ (Cov-19) pandemic has curred durin9 th8 fina1?1 year buk is Continuing up to the de on Wh these financial stslemenls are approved. The risks that the Company and the Subsidiary are exposed to and the steps taken to miligate them a sel in the Tnjstees. Report and in Notes 2.2 and 30 The Subsidiary is aware that dve lo the pandemi¢ it was ncrt able to pro¥pJe a full level of teaching facilities lo the students during the year and 1$ intending to offer the students who studied in the ye3T 8 series of C¢h Up Classes. An estsmale of the cost5 of provhtting the classes lo such students has been maLle and included as an accrual in these accounis. Page 24
ThE DOREEN BIRD FOUNDATION (A Company Limited by Gu•rant•8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Income from tharftable a¢tlvltles- holdlng ¢ompany only Restrlcted Unrestrlcted funds funds 2020 2020 Total fund8 2020 Support of the performing arts 175.998 30D 176.298 Restricted unstriCted funds funds 2019 2019 Total funds 2019 Support ofthe perfomiing arts ta6,5 2,298 189, 103 Income from other tTadlng actlvlties Income from non charltable tsadlng •ctSvities Unrestrlcted funds 2020 Total funds 2020 Income of the subshliary- of a charitable nature as the sUpY of eduealK)n in the perfomiing arts but as the Subsidiary is rlt a eharrtable entsty this is Ireate(J as trading ITr 6.224,829 6.224.829 unsleed funds 2019 Totsl fijnds 2019 Income of the 5ubsKliary- of a Charitab nature as the suppty of education in the perfomiing arts but as Ihe Subsh*kary is not a charitable enlty this is treated as tradiThJ incon &995,077 5.995,077 Page 25
THE DOREEN BIRD FOUNDATION (A Company Limlted by Guarantsè NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Govèrn•nce costs . holdlng company onty Endowment funds 2020 Total funds 2020 Auditors. remuneration Auditors, non audit costs Legal costs Bank char9es 4.5 4.5C 3.767 241 4,500 3.767 241 Total 2020 13,008 13.008 Endowment funds 2019 Total funds 2019 Audrtors, remuneration Auditors, non audit costs Leg81 costs Bank charges 2.4C(I 2.400 3.822 246 2.4 2,40) 3,822 246 Total 2019 8.868 8.868 Page 26
THE DOREEN BIRD FOUNDAnoN (A Company Umited by Guarnntse> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Investment Income- holding company only Unrostrictsd funds 2D20 Total funds 2020 Rent81 income 394 Endowment Unrestricled funds funds 2019 2019 To181 fun(ts 2019 Rental income Profrt C sale of Bithbed( and Clarence Crescent 3,879 3,879 11,250 11,250 rol* 2019 11.2 3.879 15, 129 Analysis of •xpenditurn on charltable aCtiVe5 - holding ¢ornpany onfy Summary by fund typ• Restricted Unrestrirted funds funds 2020 2020 Totsl funds 2020 Support ol the perfonning arts Interest on bank lJans Govemance costs Intefest on finare lease S.163 24,053 77.356 29.216 77,356 80.661 80,661 Total 2020 85,824 101,409 187.233 Page 27
THE DOREEN BIRD FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Analysls of 8xpenditure on charltable activitles- holding company only Icontlnued) Summary by fund type Icontlnued) Restricted Unffpslrided funds funds 2019 2019 Tot81 funds 2019 Support of the performing arts Interest on bank loans Interest on finance lease 6.170 36,49Q 975 42,660 86,975 49,463 49.463 Total 2019 5&633 123,465 179.098 Auditor6. remunerntio 2020 2019 Fees payable to the CpanIS auditor forthe alIt ofthe Companls annual accounts 3.900 2,4 Fees payable to the Companys auditor in resped of.. non-audil services not inclu¢Jed above 2,400 10. Trustees. remuneratlon and expenses t)uring the year. or rn0 Trustees has been paid remuneratN)n from an employment 88 EmplOyeeDI1e¢I0fS of the Subsidiary.The value of this remuner81ion and other benefits was as follows.. 2020 2019 S. A. Ccen Remuneration Pensw)n contribLrtions paid Remunerabon Pension contributMs paid 121.138 21,230 11)0,758 19,779 119, 788 10,960 96,546 9, 168 L. de Abreu During the year ended 31 July 2020. Trustee expenses have been incurred (2019- £NIL). Page 28
ThE DOREEN BIRD FOUNDATION (A Company Limlted by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 11. Employee and slaff detsils Group 2020 Group 2019 The staff costs incurred by the subsldiary ¥Are as follows: Wages and salaries ial securty costs Conlrib(rtion to defined ¢(lrIbUtion pensN?n scherr 3,687.016 320.060 203,883 3,557,812 306, 722 163.814 4,210.959 4.028,348 The avtt4e number of persons empbpj by the Company during the sear was as folk>ws.' Group 2020 Grp Company 2019 2020 No. Company 2019 No. Directors of the sUbSlary Other key management personnel TehIng Staff Non teaching staff Nonknexecutive diTectOfS of both The Foundation and The Clege Non executive dYectOT5 of The F¢)untstion 62 31 61 32 104 104 The number of empbyees whose employee beneffts {eXj1ro employer penSn costs) exceeded £60.C(K) was.. Group 2020 Group 2019 No. In the band £50,001 - £60,) In the band £60.001 - £70.CO) In the band £90,001 - £100.Crf)O In the band £110,001- £120,000 In the band £120,c4)1- £130.000 The were no oth8r stsff members of the Subsidiwy ttho received annual enN*Jmenls 01 £60,000 or more. Page 29
THE t)OREEN BIRD FOUNDATION (A Company Limfted ty Guarnntee) NOTES TO THE FINANCIAL STATÉMENTS FOR THE YEAR ENDED 31 JULY 2020 12. Tanglble Ilxed assets Group Long-lerrn asehold property Short4erm lea$ehold property Plant and machinery Total Cost or valuatgon Al 1 August 2019 Addi(ions Di$posal$ SA56.904 270.314 1.185,794 99,647 1,165,964 58.308 122,4121 7.798,662 428,269 122,4121 Al 31 Juty 2020 5.727.218 1.285.441 1,191,860 8.204.519 Depreciation Al 1 August 2019 Charge for Ihe year On disp05als 425.521 36.721 67T.033 186.282 (12,4491 1.102.5S4 259.787 112,449} 36.764 At 31 Juty 2020 36.764 462,242 850.866 1.349,872 N•t ljook valu• Al 31 Juty 2020 5.690A54 823.199 340.994 6.854.647 At 31 July 2019 5.456.904 760,273 478,931 6,696, 108 Company Long-term l•asehold property Cost or valuatlon At 1 August 2019 Additions 5,456.904 270.314 Al 31 Juty 2020 5.727.218 Page 30
THE DOREEN BIRD FOUNDATION (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 12. Tanglbl• fixed assets (continued) Company (continued) Long-term leasehold prOrty D•preclation Charge for the year 36.764 At 31 Juty 2020 36,764 Net book value At 31 Juty 2020 5.690.454 At31 Juty2019 5.456,904 The carrfig amount of a propety, whth the Group rerrts lo another group entity when il has chosen lo acwunt for such proFerties usirwj the st r•Je1 is £5,696.454 (2019- £5.456,904J. Included in Long lem leasehold proFerty of the Company and the group 15 an amount of £1.023,368 12019- £1.055.623) in respect of assets held untjer finance leases. 13. Flx8d asset Investsnents Inv¢stm•nts in subsidiary eompanles Company Cost or valuallon At 7 August 2019 70,000 At 31 Juty 2020 70.01)0 Page 31
THE DOREEN BIRD FOUNDATION (A Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 14. Prlnclpal subsldlarfes The following was a subsidiary undertaking of the Company. Namg Company TrUMr Regtstsred offlce or prin¢ipal Principal adivity place of busine55 The Doreen Bird C(Alege of Perfomiing Arts Limited 03088287 1 Bedtord Rthv. Lorthn. WCR1 Performing Arts College Class of Holding Included in consolidation Ordinary 100% Yes The financtral resutts of the subsidiary for the wwe: Name Incomg Expènditure Prof(Lo$S) for the year Not tssets The t)oreen Bird College of Perfom?ing 6.224.829 Arts Limited S.828.436 396,373 1,267,071 IS. Stoc Group 2020 Group 2019 Goods for resale of the subsidiary 22.856 24,249 18. Dobtors Group 2020 Group Company 2019 2020 Company 2019 Due wlthln one year Trade deblo Amounts owed by group undertakings Other debtors Prepaymenls and accrued incow 14.151 25. 159 1,499 417,Ct 94.690 13.012 75.988 18.449 6&519 103.151 109, 127 94,690 418,499 Pa9e 32
THE DOREEN BIRD FOUNDATION (A Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 17. Crodltor&: Amounts falling duft within one yw Group 2020 Group Company 2019 2020 Company 2019 Bwk loans Trade creditors Other ta10n and social secunty Obligations under finance lease¥ Other creditLYS Accruals 8rn1 defer income 153.691 80,627 111.622 159.690 69.204 268.335 1,717,924 112, 138 98, 766 148,415 60,967 270.480 153,891 1, 71T,924 159.690 148.415 4.802 10,821 843.169 2,408, 690 318,183 1,877, 160 Included in Accruals and deferred income of the Group is £40.445 f2019 £151, 101) representing deferred income recwved in advance by the $ubsKlk4ry company which falls to be included as incom8 in the subwuent perictrj.. The bank loans are secured by a fixed tharge ¢)¥er the k)ng temi leas8hd property of the holjing company and by a guarantee giwi by the Subsidiary. Tho obli9alions under finance leases are secure by a charge ovw the assets concemed and a 9uarantee the SLthidiary for the total of the obloalions. 18. Credltors". Amounts falllng due after morg thon one year Group 2020 Grp 2019 Company 2020 Company 2019 Bank loans Obligatan$ under fina[ leases 2.116.172 356.696 275.tX)4 516.386 2.116,172 356.696 275,004 576.386 2.472.868 791,390 2.472,868 791.390 The bank loans are secured by a fixed charge over the hyu lemi leaseh¢)kl prcperty of the hokling company and by a guarantee given by the SubsNJiary. The obligations urKler finance feases are sewre by a charge over the assets n¢eMed and a guarantee from the Subsidiary the IcAal of the obligatnS. Pagg 33
THE DOREEN BIRD FOUNDATION (A Company Limit by Gu•rantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 19. Statement of fvndg ststement offunds- current year Balance at 1 August 2019 Transfers Balance at Inlout 31 July 2020 Income Expendlture Unrestricted fund5 Cxher unrestricted re5eryes- belanc& on profrt and 105S account and rntained eamings ReValuatn reserve of the subsidrary 1.458.298 6.22&523 (5.679.866) 94.783 2.098.739 142.319 194.7831 47.536 1.600.617 6.225.523 (&679.865) 2.146.275 Endowrnenl funds Endovmient Funds- all funds 1.755.035 1.755.035 Restricted funds ConditK)nal donations ma Road Site 9.703 728.226 15,163) 180.6611 17S.998 823,$63 737.929 175.998 185.8241 828,103 Total of funds 4.093.581 6.401.S21 15.765.689) 4,729,413 Page 34
THE DOREEN BIRD FOUNDATION IA cOmnY Llmltsd by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 19. Stattment ol fvnds l¢onllnued Statetnent of funds- prlor year Balanc% al l Augusl 2018 Transfers Balan 81 i1 31 July 2019 Ie Expendilurp Unr•strid•d fvnds Other unrestncted r8s8Nes- balance on profrt and 10s5 account and retained eamrys Revaluation resgrve of the subsNJiary 1.086.359 6.C(11,254 (&667.257) 37,942 1,458,298 180.261 (3T.942J 142,319 1.2e6.620 6.C4)1.254 15.667,257) 1.600.617 Endowment lunds Endo•bTnent Funds- all funds 1. 743.785 11,2S) 1,755.035 Restricted funds CondrtK)nal donations Alma Ro&J Site 14,7T9 591.978 (6, 170) (49.463) 9. 703 728.226 185. 711 ,757 186,805 155,6331 737.929 Totsl of funds 3.617. 162 6. 199,309 (4722.890) 4,093,581 Page 35
THE DOREEN BIRD FOUNDATFON IA Cofflpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 20. Summary offunds Summary of funds- curr•nt year Balance at 1 August 2019 Transfers Balancg at Inlout 31 July 2020 Income Exp•ndSturg General funds Endowment funds Restricted funds 1.600.617 1,755.035 737.929 6,225.523 15.679.865) 2,146,275 1,755.03S 828.103 175,998 185,8241 4.093,581 6,401.521 15.765,6891 4,729.413 Summary of funds- pvlor year Balanc6 al I Augusl 2018 Transfet5 8alance 81 I01 31 July 2019 Inccmne Expenditure General funds Endowment funds Restricted frJnd$ 1,266,620 1.743. 785 e4)6, 757 6.(X)1,254 f&667.257) 11.2x1 186,805 1,6LXI,617 1,755,035 737,929 (55,633J 3.617, 162 6, 199.309 (&722,890J 4,093.581 The end(vrtnent fiJnds represent the of a55ets gifted lo the chanty by rts fjnder ei(her as grfts lo the charity or as legaaes. The founder and her husband grfted their shares in the subsidiary company lo the charity and these shares have been included at a valuation * the date of the gfft. Under the teTm$ of the wll ol the le Mrs Doreen Cc¥)k (nee Bird) who died on 4th Febwary 2004 the D¢Teen Bird Foundation was the residue of the estate of Mrs Cook. 5ubj.ect to payment by the Foundation of any debts. funeral and testsmenlary expenses. legacies and all laxes incjvding taxes on any le9acies to other benefiuaries given free of tax. The resid of the esle included three fieehold properties which we induded at their probate valuali¢n but these have rv•V been sold and a new repla¢emenl propety purchased which now fom$ part of the pemwient end(yment. Th• reslricled funds dassrfwj as -cond'onal donations- represent fuTrds with restrictn5 on their use ped by the dorr$ and a held bythe HoJing Company. The anCe is represented a5 follows.. - £1,273 (2019 - £4.486) in resp8cI of a conditK)nal dOrtIOn from the Bexley Music Centre Charilablo Tnjst that was maje on the conditw that the fvTrJs will be used to enable that trust'5 charitable obseGti"ves of the advarKemenl of MUS educatM)n and performing arts in the 8exley London Borough to ¢tinue. - È3.267 (2019 - £5,21T) in respect of funds rnis&J in ojnnection a crealKJn of a student hard$hip fijnd for students of the subsidiary. The restried funds clasyfied as Atma RoJ site repsent fvnds rni*J directty in conn8clioTr with the project lo xquire arKI develop a site fof the trading sub$18ry. P•Je 36
THE DOREEN BIRD FOUNDATION IA Company Limit•d by GuaRnts¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 JULY 2020 21. Analy$i$ of nel assets between funds Anatysis of net assets bet4en fund5- rrent perlod Endowment Restrfcted Unrestricted funds funds fund$ 2020 2020 2020 Total funds 2020 Tangible fixed assets Current assets Creditors due within year Cfeditofs due in nvye than one year 1.755.03S 1.339.949 3.759.663 6,854,647 1,786.263 1.190,803 1159,690) 1683.4791 1843.189) 1356,696) 12,116,172> (2.472,8S81 Total 1,755,035 828,103 2,146.275 4.729,413 Analysls of net assets between nds. prior perlod Enthmnl Restiicled UnrnstncÉ&d funds funds funGIs 2019 2019 2019 Totsl ltsnds 2019 Tangible fixed assets Current assets Credrtors due within one year Credrtors due in more than one year 1.755.035 1.393,027 3,S48,1]46 6.696. 108 9,703 587,850 59T,553 (148,415) (2,260,275) (2.408,690J {516,386) 1275,004> (791,39OJ Total 1.755.035 737.929 1,600.617 4.093,58f Reconciliation of net movemert in funds to net u$h Ilow fffom op•raling activities Group 2020 Group 2019 Net income for Ihe peri¢>J las per Slatemenl ot Finla1 A#Mb8$1 635,832 476,419 AdJu$trnents lor. Deprerjation and k>sses on dhsp)sal DeC8$ellIn¢re0Se) in stocks Decrease in debto Incfeaspjldeuease) in Crt0 263,730 1,393 5.977 (12.5631 208.839 {22,341J 36,983 1.363 Net cash pmvlded by opeTrting acti¥itSes 894.369 70T,263 Page 37
THE DOREEN BIRD FOUNDATtON IA Company Limited by Guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Anatys55 of cash and cash oquivahnts Group 2020 Group 2019 Cash in hd 1.064,796 464. 176 Total cash and ¢ash •qui¥alents 1,064.796 464. 176 Anatysis of changes In net dobt At 1 August 2019 Cash flov At 34 July 2020 Cash at bank and in hand Debt due within 1 year Debt due after l year Finance bases 464.177 600.619 1,064.796 {1.717,9241 1,5S4.233 1153.6911 (275.1)041 11.841.168) (2,116,172) 1664.8011 148.415 1516,3861 12.193.552) 472.099 {1,721.4S31 25. Conting1 liabllllles ValAded Tax IVAT) Position oflhe subsK1iary The subsidiary company. The Doreen Bird College of Perfoffliing Arts Limited, is not currently registered lor VAT as the directors of that company have been of the opinion that the taxable lumovef of the College is beltr that which requi$ VAT regi5tT81ion. The m8iority of rts turnover arisgs from the supplies of edutIOn lo ils sludents or from $upplw ¢iosety linked lo the suppty of educatK)n both of which are exempl income forVAT pUs. In coming lo this condusion, the dIlorS have rdied on a deusion of the UK lax tribunals and the European Courts which have wled that this type of incm would not be taxable in an unconnected case nceming the VAT liability of certain supplw whh are closely related to education. HMRC have iSsLd guidance on the appjthtion of tth"s deasion aThJ the College is of the ¢91nffl that rf the gUan is applied lo rtain asffts of rts income these items of incoTr would not fom taxable income and the remaining amounts of taxable income wouhl not be suffjcienl for VAT regislralitsn io be required. the opinion is not confirmed, the College may be required to retrospeclively re9isler lor VAT and account for tsx on supplies of nonoxempl income fr¢yn the date that rt should have been registered for VAT. 15 not possible lo quanlrfy the Fhxsrble liatjilty whth may air3e and as the final Il61 has not been issued. amount has been provided for in these accounts for any Fotential liakn"lty. Page 38
THE DOREEN BIRD FOUNDATION IA Company Limlled by Guaranteg) 140TES TO THE FINANCIAL STATEME14TS FOR THE YEAR ENDED 31 JULY 2020 26. Capltsl comml¢ments The group and the company has commitments eontracted for but not provided in these financial $latements in Spect of tctsl pawnenl$ sMr 8 7 year pericJ for a Jease agreement entered into by thè parent company on 21 January 2020 to provide a moJukr buikling to be used by the subsmdiary company. Payments under thk8 lease commencÈJ in Dernber 2020. Group 2020 Grrwp 2019 Company 2020 Company 2019 Contracted for but not PTOVId in these financial s&•M•nts Total amount payable over the perThJ of the lease 1.233,295 1,233.295 27. Operallng lease commltments At 31 Juty 2020 the GroLP and the Company had commitments to make futurè minimum lease paymgn15 under norh-cancellable operating knes as fOlkA.. Group 2020 Group 2019 Not Jaler than 1 year Later than l yearand not later than 5 yea Later than 5 years 37.546 99.719 42,674 132,659 8.291 137.265 183,624 The following lease pats been rets>Jnised as an gxp8nse in the S&kn8nl of Finan¢kg1 A¢tNlties'. Group 2020 Gmup 2019 Operating lease rentals Changes in lease paents ising from covi[19 related rent concessi5 36.746 17,658 28. Finance lease commlbngnts As menlpmed in Note 26 abové. the Company has errtered into a finance lease on 31 January 2020 10 provide a modular bu11n9 to be used by the Svbsidiary. The payTnenls required to be made by the Company have been gauaranteed by way of an ndeminty from the Subsidary. Page 39
THE OOREEN BIRD FOUNDATION (A Company Llmltsd by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Related party transadions lo the natu of the Charitls operatKJns and ts nature of its sub$?ry College's Operatn$ antj the Trustees being drawn in part from k¢al prNale and publ seclor organisab'ons. il is inevilable that transactions wll lake pe with organisations in which a Truslee may have an inleresl. All transactions with such organision$ are conducted at aFm's length a[ in accordance with the Char$ and the College's financial regukts.ons and procurement prctedures. Tfansacti¢)ns and balances wlth the sub51di•ry. The Dofe•n Blrd Colle9• ol Performlng Art8 Llmltsd I'yho College") During the year fent of £250,fJXS (2019. £2.((7) thBS paKI by the College. in respect of properties fjwned by the Foundion which rKcupied by the Col$&¥ for the purpose ol its trade. This rent is eliminated on n$Iaon. The College made a Gift Aid donation to the F¢ndalTr during the year of £Nil (2019.. £65,725) in respect of the amount of The cole'S taxab profrt for the prevyJs year. The current yeaT'S taxable profits of £372,787 (2019.. £Nd) will be paKI in the next year. The Doreen Bird F¢yJndatKJn has agreed to provNJe 5UPPOrt to the Coltege by way of financing certain students, tuiti¢Y) fees by w8y ol funding bursars for those students. The butsaries thaed for the year (including amounts charged to restricted funds) amounted lo £16,210 (2019.. £29, T92J. The Doreen Bird Foundolw has warded prizes lo the b8$1 performiThJ students of the College for the year. These prvzes are paid by the Foundation directty lo the students ncerned. The prize$ awarded for the year amounted to £Nil (2019.. £2.GOJ). The College owes the Foundion £.889 (2019." £411.1) in respect of the inter-company current account and this arnovnt is included in debtors. These amounts are eliminated on consdidion. The ams)unts ch¥ed are unsecured. interest free. have no fixed date of repayment and are repayable on deman¢J. The Doreen Bird College of Perfomiing Arts Lirnited has gwen an untrfertaking of £2,400,000 12019.. £2,400,OOOJ to guarantee borr(Mings taken out by The Doreen Bird Foundation. Thi3 is secured by fixed and f108ting charges over the assets ol The Dc*een Bird Cdlege of Perfoming Arts Limit. The Doreen Bird College of Perfomiing Arts Limrted has also given an indemnty in respect of the lolal paymenls due Lbnder finance lease agreements that The Doreen Bwd Foundatton ha5 taken out (see note 281. Pa98 40
THE DOREEN BIRD FOUNOAnON IA Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 3Q. Post balance sh•et events and th impad of th? cor¢)navints {Covid-19) pandemlc Impact olthe coronavlrus ICovid-19) pandemk The Company and the SubSidry cont.nue to be affected by the worfth¥Kle impact of the pandemic USed by the coronavirus ICovid-19). At the year end the r))ronaviriJs ICovid-191 had been identified as a worfthide threat and accor¢Jingly the impact of any factors resutting from the viws up to the date of these aCnIS are ¢Sidered in these acwints. Th8 impact of these factors are contt"nuing post year end and the uncert&nty of not knowing how loNJ this situatDn w1 go on represents 8 frtla1 uncertainty. The major risks as8¢01ed wth the 7paCt of the con)nawrus ICovMY-19) have been assessed as.. a possible ¢Jrcp in students and fee inecffie from other sources an in8bility to use the companys premises for teathing purrx)ses an impact on the enttys supply chain an impact on the enltys work force an impact on cash from e(¢her losses or changes of in¢cAne or payments schedules for suppliers not knowing how W this sthjathjn wll go on. The risks are being mitigated by detathl planning and contingency measures bein9 put in ce by the Board of Directots and the senior management t&wn. These include". use of Government funded schemes to finance eryloyees placed on furlough revision to detailed cash and budgets uThJer various scenams discuss1$ Wrth suppliers to arrange payment plans and to defer Pnned •al expendrture wthere possible arranging for Ihe workloe to WOTk ¢)ff site. The Cdlege has three Immedhe arKI key obieLtNes to reduee the wnpact and detrimental effects caused by the impact of the virus.. prOtt the edu&knn and training of the student continuing lo recrurt exeeptional students protect the financral healih ol the Lyganisation to secure its future.. Other evenls There wer8 no other post balance sheet events vknith affecl the figures disclosed in the accounts or which require disc105ure. 31. Controlling party In the opinion of the dire¢tcrfs, there is no ultinate D)ntrolling paty as the company is limited by 9uaranlee. Page 41